Canadians are procrastinating when it comes to filing their 2014 tax returns.
New numbers from the Canada Revenue Agency show only 11 million returns have been processed as of April 6.
“Even if you want to file your return on April 30, you should look at your paperwork and slips before the last minute to make sure you have everything you need,” said Caroline Battista, senior tax analyst, H&R Block Canada. “Every slip and receipt means less tax you have to pay and you don’t want to pay any more than you really need.”
Tax experts say last-minute filing can lead to missed deductions and overpaying taxes.
A recent Leger survey for H&R Block Canada found 58 percent of Canadians say they were expecting a refund.
According to the same survey, Canadians may not be claiming all the tax savings they can:
- Only eight percent of Canadians were planning to claim the Canada Employment Amount even though anyone with T4 income can claim this amount
- Thirty-three percent of Canadians were planning to claim charitable donations — down from 37 per cent last year
- Only 10 percent planned to claim the Children’s Fitness Tax Credit even though it was doubled to $1,000 for 2014
- Only 10 percent of Canadians were planning to claim the new Family Tax Cut
The deadline for Canadians to file their taxes without penalty is April 30.
