With only five days left until the deadline, procrastinators are running out of time. If you are putting off filing your return and aren’t worried about April 30, here are five good reasons to file your return on time:
- A tax refund is money you have overpaid the government during the year and they do not pay you interest on it even if you file after April 30. File a return and get your money back.
- If you want to continue to receive benefits like the quarterly GST/HST and Canada Child Tax Benefit, you need to file.
- Even if you can’t pay what you owe, file on time so you avoid the late-filing penalty.
- If you qualify for certain tax credits, filing a return is the only way to claim them and get your money.
- If you don’t file for several years, the Canada Revenue Agency can request that you get up-to-date. It is not an offer you can refuse and the deadline is usually only 30 days.
Not owing the government at tax time is a good thing, but getting money back and accessing credits are also good things. And if you do owe, filing now actually saves you some money. So get your return in. It’s simply the smart thing to do.