Tax-filing season begins across Canada: Changes, resources, deadlines

Everyone’s favourite time of year is tax season — but before you rush off to file, you’ll want to make ensure you’re aware of this year’s changes.

The first and foremost thing Canadians should be aware of is the deadline.

Anyone eligible to file their taxes must do so by April 30, unless you or your spouse is self-employed — in which case you have until June 15.

Submitting a return by this date will help to avoid delays to any refunds, benefits or credit payments you’re entitled to, according to the Canadian Revenue Agency (CRA).

“If you owe money to the CRA, this is also the payment deadline. You’ll avoid late-filing penalties and interest by filing and paying on time,” the CRA says on its website.

Some of this year’s tax measures have gone through some changes.

If you make claims against an in-home office or have recently renovated your home, these changes apply to you.

The Chartered Professional Accountants of Canada says the temporary flat rate method for claiming home office expenses, like rent, electricity, internet and office supplies, is no longer available.

Additionally, a COVID-19 provision that allowed eligible employees to claim $2 for each day they worked from home has been eliminated.

If you’re saving up for your first home with a “First Home Savings Account,” those contributions are deductible, while the income earned in the account is not taxable.

There are also deductions on tools that you’ve purchased if you’re a tradesperson.

If you recently renovated your home so a relative can move in, there’s now a tax credit for that.

These are just some of the major changes. It’s important to review the tax code yourself so you can know and understand what applies to you and what doesn’t.

Each person’s financial situation differs from the next. It’s important to try to file your taxes as accurately as possible to avoid owing money down the line and take advantage of any breaks you may be entitled to.

For many, getting a refund can be a huge financial relief.

Statistics Canada says that tax refunds may represent the largest infusion of cash many Canadian’s will receive in the year.

If you need help doing your taxes, many organizations offer free drop-in, volunteer-based tax consulting both in person and online.

To find a tax volunteer near you, click here.