Doing their own taxes can be overwhelming for many Canadians, and pressure is added when the filing deadline draws closer, meaning errors and oversights can happen easily. Tax-filing mistakes cost Canadians more than $1 billion in extra taxes each year. Here are five tips to review before filing your taxes:
1. Pay on time. This year, because of the Heartbleed Bug, you have until May 5, 2014 to file your return and pay the balance owing to avoid late-filing penalties and interest charges.
2. Pay online. If you owe this year, instead of mailing a cheque, you can make a payment to the CRA by visiting your bank in person or through online banking.
3. Make sure the CRA has your most recent address and banking information
4. Double check that you’ve included all income from all sources
5. If you’re getting a refund, start thinking about your investment plans.