It’s tax time, and the clock is ticking.
For most Canadians, the filing deadline is typically April 30. However, this year, as the deadline lands on a Sunday, the Canada Revenue Agency has extended the deadline to Monday, May 1, giving taxpayers an extra day to file their taxes.
This extension provides a golden opportunity for those who have procrastinated or are still scrambling to get their paperwork in order.
Adam Cardwell, Manager at BDO Debt Solutions, has some last minute tax tips.
He says to make sure you have all your claimable expenses, make sure you have a back up, and make sure you are including all sources of income. Cardwell says if you have a side hustle and there’s any income at all, it has to be claimed, he states it’s also important to file on time so it doesn’t interrupt any benefits you receive.
Cardwell says if you owe money for taxes be sure to contact the CRA right away.
He says communication is key, CRA will work with you and make a payment plan. However, if you are in a situation where you are already struggling, there are options like calling a professional.