The deadline for most Canadians to file their taxes is April 30, and we are already in the middle of March. Many people have already filed their income tax returns, and the remaining people have only a few weeks left to file their income taxes. As the deadline is coming closer, many people are getting anxious because a single mistake can make their whole tax return either rejected or delayed. The most common errors people make when filling out their tax returns are listed here, along with tips to avoid them.
Many people wait for the last week until the deadline to file tax returns, which is not a good practice because it can lead to several issues, which include the following.
Simple mathematical mistakes in tax returns make people face several problems, such as delays in processing. Many people think CRA automatically corrects arithmetic errors, which is true, but it applies to specific line items. For example, CRA will correct calculation mistakes in a deduction or credit, but it will not correct errors that are related to income. So, ensure you do not make any calculation mistakes in the income tax return.
Missing tax deductions will make you pay more than you owe to Canada Revenue Agency. And many people make this mistake for many reasons like they might not be aware of it, etc. Some deductions that most taxpayers overlook are:
So, you must research well before filing the tax return to avail the benefits of all tax deductions and credits. Also, note that if you own a business, you need to pay business taxes, including property and payroll taxes, with personal income tax.
You will face serious consequences if you forget to report all your income to the Canada revenue agency (CRA), such as penalties, interest and even legal action. Some income sources that people often overlook are as follows.
At last, filling out tax returns accurately and on time can help you receive your tax return as soon as possible. So, check your tax return for the above mistakes and don’t hesitate to seek help from a tax professional.
Bimal Talwar is a member of the Chartered Professional Accountant (CPA) Association of British Columbia and Canada. Mr. Talwar has been a CPA in the Province of British Columbia and has over 14 years of experience in accounting. In a very short amount of time Mr. Talwar was able to move from India where he had his Chartered Accountant (CA) Certification and adopt his foreign training into a successful career in Canada as a CPA.
Bimal Talwar is a member of the Chartered Professional Accountant (CPA) Association of British Columbia and Canada. Mr. Talwar has been a CPA in the Province of British Columbia and has over 14 years of experience in accounting. In a very short amount of time Mr. Talwar was able to move from India where he had his Chartered Accountant (CA) Certification and adopt his foreign training into a successful career in Canada as a CPA.
Surrey Office:
# 209-12639 80th Ave
Surrey, BC V3W 3A6
Call: 604-597-6665
Kelowna Office:
Suite 620 – 1632
Dickson Ave,
Kelowna, BC V1Y 7T2
Call: 250-513-5000
Surrey Office:
# 209-12639 80th Ave
Surrey, BC V3W 3A6
Call: 604-597-6665
Kelowna Office:
Suite 620 – 1632
Dickson Ave,
Kelowna, BC V1Y 7T2
Call: 250-513-5000
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