If you are the type to put your taxes off, Blundell Centre’s H&R Block is here to remind you of the reasons why you should try to meet the deadline to submit this year, which is May 2.
Due to the ongoing pandemic, there are changes to the tax credits you may be eligible for, making it even more important to get up to speed and file your return on time.
One of the best reasons to file by the May 2 deadline is that you will receive your refund quicker.
“Some Canadians prefer to file with a tax expert in person, remotely or through drop-off service, or by themselves online, either with assistance from a tax expert or independently,” says Jeffrey Zhang, a tax expert at H&R Block. “What’s unique about H&R Block is that we can support all Canadians no matter what their tax filing needs are.”
So, what’s new this tax season?
For those working from home due to COVID-19, the Temporary Flat Rate Method can be used to claim home office expenses. This year the amount has increased from $400 to $500 ($2 per day for 250 days) for 2021 and 2022.
“If you’re required to use PPE such as disposable masks, gloves, or sanitizing liquid at your work and pay for it yourself, you might be entitled to claim these as employment expenses,” Zhang adds. “However, the usual rules for claiming supplies will apply.”
Canadians have differing tax situations and levels of complexity, and there are credits and deductions for all kinds of life situations. A tax expert from H&R Block can help you navigate your specific situation to maximize your refund.
And remember, this year, the CRA is opening the window for electronic filing of tax returns on Feb. 21.
Taxes for individuals are usually due on Apr. 30, however, since that date falls on a weekend, taxes will be accepted up to May 2.
The deadline for self-employed individuals to file tax returns this year is Jun. 15. However, if they have taxes owing, they will need to pay before May 2.
And if your business is incorporated, the corporate taxes are due six months after the end of your company’s fiscal year.
For more on how H&R Block can help with filing your taxes, visit them at www.hrblock.ca/office-locator, to find an office near you.