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Things to remember when filing taxes: CRA

CAMPBELL RIVER, BC – April 30th is the last day for filing 2018 taxes, and the Canada Revenue Agency (CRA) would like taxpayers to remember a few things.

According to CRA media spokesperson Lisa Ko, filing taxes by April 30th is helpful so as to avoid interest and penalty charges.

“It’s important for everyone to file their income tax return by the due date so that you can receive any eligible refund, if you have an outstanding charge, or if you become eligible for benefits and credits, such as child benefits and GST,” Ko said.

Ko added that it’s important for taxpayers to check what they are eligible for based on individual circumstances and to claim those tax credits and deductions.

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Those who operate their own registered business may also be entitled to claim a number of business expenses. Ko said that more information on this can be found at the business expense page of the CRA’s website. 

“If the CRA finds that you’ve made any mistakes or claims, they will change your return. This may actually impact the refund that you receive, causing a bill or even affecting any of the eligible benefits (taxpayers may receive).”

She said that taxpayers need to make sure they are not missing any tax slips and if they are, to contact their employer right away. Taxpayers can also register online for a CRA self-serve portal account.

Ko added that residents can still file their taxes after April 30th, but she said they need to keep in mind this will cause a delay in receiving any refunds.

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If a taxpayer has a balance owing and file their taxes late, the CRA will charge a late penalty, which is 5% of the balance owed on the due date of the return as well as another 1% for each full month that the return is filed late.

Visit the CRA’s website for more information on payment arrangements as well as taxpayer relief provisions.

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