Just a few days remain for Canadians to file their 2023 tax returns.
Local accountant Gayle Walton says there are a number of good reasons to getting your taxes filed on time.
“Canada child benefit, your GST credit cheques, carbon rebates, all of those benefits reset each July. So if your tax return is not filed and processed by the CRA by then, you may stop receiving those benefit payments until it is.”
Most Canadians must file their tax return by April 30.
While many people like to wait until the last minute to get it done, Walton says there are some benefits to doing it early.
“The processing time is what’s going to be on your side if you’re filing early. There’s certainly a mad rush at the tax department as well. At the beginning of March, we see processing times of a couple of weeks at the CRA end, that really stretches to four to six weeks this time of year.”
When it comes to keeping track of the changing rules around taxes, Walton says it’s important to rely on professionals.
– Kyle Moore, Trending 55 Newsroom
