The deadline to file income tax return is Friday at midnight.
With the deadline fast approaching, here's some advice on how to crunch those numbers and what to be aware of.
1. Be wary of any emails from anyone claiming to be the Canada Revenue Agency and offering a refund.
Kareen Dionne – Canada Revenue Agency:
First of all, the Canada Revenue Agency doesn't communicate with you through e-mail. We never ask for information through e-mail. We never ask for information that we already have, so if it's too good to be true - let's say somebody's sending you an e-mail and you're entitled to another refund - ask yourself some questions. Did I apply for that credit? Don't they have that information? Isn't it information they're supposed to have?
2. Have all the necessary documentation. If those documents are missing before the April 30th due date, use pay stubs or statements to estimate the income to be reported and any related deductions and credits that can be claimed.
3. For students and their parents:
Kareen Dionne – Canada Revenue Agency:
Students they often forget that tuition fees, books, interest on loans, we do have credits for that, and if they can't use it because they don't make a lot of money, they can always transfer parts of it to their spouse if they have one, or to their parents.
4. Don't be late. On both the federal and provincial level, filing late results in an immediate 5 per cent penalty, and an extra 1 per cent for every month beyond that.
Visuals for this story courtesy the Canada Revenue Agency.
