Importance of filing your taxes early and respecting the deadline

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filing your taxes early

People have the tendency to avoid their taxes for as long as possible and then often end up running out of time or into trouble. It is important to file your taxes filled as soon as possible.

The benefits of filing as soon as possible, especially if you are expecting a return are:

  1. Pay less interest on your debt
  2. Ger your money working longer for you in a savings or investment account
  3. Be able to plan your vacation earlier based off your return amount
  4. Have time to deal with unexpected problems and deal with any financial ‘messes’
  5. Guarantee you avoid the 5% penalty that comes with filing late
  6. File your return on time, even if you can’t pay all your balance owing right away. You can avoid the late filing penalty and work out a payment program with the CRA.

Tax tip

Tips to help people stay organized to make filing on time easier.

  1. Set up a good filing system for your financial information
  2. Print off all electronic receipts and file the hard copies
  3. Hire an accountant to help motivate you to get it done on time

 

If you are someone that needs that extra motivation to get your taxes done on time, we can help! Contact us today at info@cpa4toronto.com