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A man who did not submit his tax return before the deadline

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Five good reasons to file your tax return before the deadline

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3 December 2024

Every year, many people wait until the last few days to take care of their taxes. The result: stress, missing documents, and appointments that are hard to book. The good news? With a bit of organization, filing earlier is much easier than it seems—and it can even save you time (and sometimes money).^th.

This task is often postponed due to lack of time, fear of having a balance owing, or simply not knowing where to start. Yet filing early gives you flexibility: you have time to track down your tax slips, ask questions, and correct information before submitting your return.

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Here are 5 good reasons to file your tax return before the deadline:

Receive your refund sooner. The earlier you file, the sooner tax authorities can process your return and issue a refund, if applicable.
Reduce the risk of forgetting something. When filing is delayed, it’s easier to forget a slip, a receipt, or a change in situation (address, separation, studies, self-employment, etc.). Filing early gives you time to double-check.
More availability (and less stress). As April 30 approaches, wait times, processing delays, and appointment availability with professionals tend to increase. Getting started early usually makes everything smoother.
Avoid penalties (and limit interest). If you file late and owe a balance, the Canada Revenue Agency (CRA) and Revenu Québec may apply a late-filing penalty: 5% of the balance owing, plus an additional 1% for each full month of delay, up to a maximum of 12 months. Interest also accrues on any unpaid balance. Tip: Even if you can’t pay right away, filing on time helps avoid the late-filing penalty.
Avoid delays to your credits and benefits. Filing your return helps trigger (or maintain) several benefits and credits you may be entitled to, such as the GST/HST credit, the Canada Child Benefit (CCB), and certain provincial credits like the solidarity tax credit (depending on your situation).

Checklist: documents to gather

To save time, make a short list (on paper or in your phone) and keep your documents together in one place:

your tax slips (T4, RL-1, T5, etc.);
relevant receipts (medical expenses, donations, childcare, education, remote work, etc.);
last year’s notice of assessment;
your banking information (for direct deposit) and your up-to-date address.

CLICK HERE TO ACCESS THE TAX CHECKLIST

To learn more about the documents needed to prepare your tax returns, click here to visit the Government of Canada website.

In short: the earlier you start, the more control you keep. And if something unexpected comes up, you’ll still have time to adjust—without racing against the clock.