TORONTO, April 13 /CNW/ -
- You know you owe: Just because you will be writing a cheque to the Receiver General on April 30th does not mean you should wait to prepare your return. Getting the documents together and your T1 Form completed early means no pressure when it comes to the deadline. You can even file your return early and then send payment later.
- Outstanding debt means no refund: If you fall behind on your student loan payments or child support payments, the debt can be registered with the Canada Revenue Agency. It means that any tax refund or benefits like the GST/HST payment are designated to pay off the loan. Just because you don't get the money doesn't mean you shouldn't file. You have to pay off your student debt eventually.
- Dog ate my slips: You moved two times during 2009 so your T4s slips and other information receipts have gone astray or you haven't found them in your new place. Or your employer did not send a T4. You can track down replacement slips or get duplicates from other sources. Under Canada's self assessment system, you are required to provide an accurate estimate of the income you earned in 2009. You need to find your paperwork.
- Don't owe money: Your tax refund is money you have already paid in taxes so not filing means you are letting the government keep your money interest free. If you want your money to work for you, it should be invested where it earns some interest at least at a better rate than the CRA offers...which is zero.
- Weather is too nice: For many parts of the country, it has been a beautiful spring but the deadline for filing remains April 30. Though taxes and rainy days seem to go well together, you still have to file when the weather is nice.
An H&R Block tax professional can talk more about tax procrastination.
About H&R Block Canada
H&R Block Canada has been preparing taxes for more than 40 years and is Canada's leading tax preparation firm. Headquartered in Calgary, Alberta, the company serves Canadian taxpayers in more than 1,100 offices across the country. H&R Block Canada Inc. is a subsidiary of H&R Block, Inc., a diversified company with subsidiaries providing a wide range of financial products and services. Additional information about H&R Block Canada is available at 1-800-HRBLOCK or visit www.hrblock.ca for more tax tips.
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SOURCE H&R Block Canada Inc.
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