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Five Good Reasons to File Your Tax Return Before the Deadline

July 23, 2024
Five Good Reasons to File Your Tax Return Before the Deadline

Are you one of those people who waits to the last minute to gather up your documents to prepare your tax return? Well, you’re not alone. Surveys reveal that, every year, 45% of individuals do their taxes in the last two weeks of April. We’ve noted the same trend among our clients in the past three years: 38% of them submitted their documents after April 15th.

Why wait for tomorrow, if you can do it today? The main reasons seem to be the cost of filing returns, lack of time or concerns about having to pay taxes. And yet, it’s inevitable, sooner or later, you have to do it!

Here are 5 good reasons to file your tax return ahead of time:

1. First, to get your refund more quickly: the sooner you file your return, the sooner you’ll get your refund from the tax authorities.

2. To avoid forgetting to file your returns because you keep putting them off. By constantly putting off your returns until tomorrow, you risk forgetting them altogether!

3. To avoid wait times with your accountant. First come, first served!

4. To avoid late filing penalties. Did you know that late filing penalties amount to 5% of the balance due plus an additionnal 1% per month of delay, for a maximum of one year? If you aren’t able to pay the balance due, we suggest you reach a payment arrangement with the tax authorities.

5. To make sure you receive all of the refundable tax credits you’re entitled to, such as the GST credit, solidarity tax credit, Canada Child Benefit (CCB) or Guaranteed Income Supplement.

To make sure you don’t forget anything, here is a checklist to help you assemble your documents and save time!

CLICK HERE TO ACCESS THE TAX CHECKLIST 

To learn more about the documents needed to prepare your tax returns, click here to visit the Government of Canada website.

We have done our utmost to provide you with a simple and enjoyable experience!

ANY QUESTIONS?

Contact us at 1-844-200-IMPO, our team will be pleased to help you.
Serving you is our priority!