A national tax specialist is offering tax advice as May 2nd tax deadline approaches.

Gerry Vittoratos of UFile says this tax season, what’s old is new again.

He says in the 2020 tax season, government introduced a platform for home office expenses in the wake of the pandemic. Government implemented the temporary flat rate method, with a $2 per day deduction that could be claimed.

Vittoratos says that the program has been extended into the 2021 tax season. They have also enhanced the maximum claim, up to 25 workdays for a $500 deduction.

In addition, he says the Canada Workers Benefit has also been enhanced.

He says most official slips can be retrieved directly from CRA. The only things that cannot be retrieved are receipts for items such as medical expenses and charitable donations, as they are not official slips.

Vittoratos says there are perks to filing your tax returns early.

He says the first advantage is that you receive your refund earlier, allowing you to pay off debt or invest quicker. Secondly, the benefits you are entitled to can be time-sensitive, meaning if you are late in filling, you could delay the payment of those benefits.

Vittoratos says even if you will be owing, be sure to file on time, as the penalties issued by CRA can be “quite stiff.”

He says the minute you are late, there are penalties implemented in addition to your balance owing, of 5 per cent of your balance, plus a daily interest fee.