Finance: Last Minute Tax Season Tips for Canadians

We’re in the middle of tax season and many Canadians are scrambling to get their paperwork together. The deadline to file your individual tax return is April 30th, 2018. If you owe money, the Canada Revenue Agency (CRA) starts charging interest on the balance one day after the deadline passes. Whether you do it yourself or use a tax professional there’s still time to file by the deadline.Tax Credits Cut Many tax credits have been eliminated. For example, the children’s arts and sports credit are no longer available, as well as a textbook credit for university students. The tuition tax credit remains for qualifying students.Tax Credits AvailableThe Canada caregiver credit gives tax relief to individuals with a dependant who has mental or physical impairment. Canadians can now also take their disability tax credit application to a nurse practitioner to have it certified. There is also a medical expense tax credit if you need intervention to conceive a child.How to File – Get Online Most Canadians do file their return online, a method the CRA supports and recommends. Online filing means it’s received immediately with a digital record. The CRA has a list of certified software packages and web applications. With only a few weeks to go this is the best way to get your return to Ottawa. If you file by mail, you can have a paper tax return mailed to your home. For Canadians with simple tax situations you can also file by phone.Register for a My Account Open a My Account on the CRA website. It’s a secure service for tax filers. You can use the auto-fill function in the CRA certified tax preparation software NETFILE. It allows parts of your return to be automatically filled in, including your information from your T3, T4, and T5 slips.File No Matter What If you owe money you must file your tax return by the deadline, or face a penalty. Even if you’re expecting a return; it’s still a good idea to keep the CRA up to date on your income situation, otherwise benefit payments, such as the Canada child benefit, may be delayed. This applies for anyone with zero income as well. File your return in order to take advantage of all government tax credits due to you.Tips for Self EmployedIf you are self-employed you have until June 15th to file your return. But if there is a balance owing to the CRA that is still due by the May 1st deadline. If your income situation increased dramatically this year, and you have been making income tax installment payments, you may want to figure out what balance you may owe by the deadline. There is a new CRA Biz App which allows you to view transactions and pay balances with it.Talk to a ProfessionalTax time can be overwhelming for many of us. Accountants and tax preparation professionals are all working late during this time. As well, the CRA is a great resource to answer any of your questions. There’s also help for low income Canadians who need help but can’t afford to go to a professional called the Community Volunteer Income Tax Program clinic. To find a clinic near you and to see if you’re eligible, go to www.cra.gc.ca/volunteer.Rubina Ahmed-Haq is a journalist and personal finance expert. She is HPG’s Finance Editor. She regularly appears on CBC Radio and TV. She is a contributor on CTV Your Morning and Global Toronto. She has a BA from York University, received her post graduate journalism diploma from Humber College and has completed the CSC. Follow her on Twitter @alwayssavemoney.