Poor tax filing habits of Canadians

Tax filing habits of many Canadians may inadvertently cost them money 

When it comes to preparing and filing taxes, many Canadians are short-changing themselves on potential tax refunds, or setting themselves up to incur fines due to late filing. Fully 19% of Canadians polled admitted to missing a tax deadline in the past and 28% feel they have likely overlooked a tax write-off or exemption.

The survey, commissioned by UFile tax software, suggests that the reason Canadians overlook potential write-offs or file late, is that they take a last minute approach to preparing and filing their taxes. In fact, 70% of respondents answered that they do not know the first official day they are eligible to submit their tax returns, and almost half of Canadians surveyed, or 47%, file in April, the deadline month in which to submit returns. And while 48% of respondents required three hours or less to complete their taxes, 32% have found a charitable donation receipt or other write-off receipts after they have filed their taxes.

This survey revealed that tax payers need some guidance and advice, either from a tax professional or tax software on how to best to complete and submit accurate tax returns to ensure they are able to get the best returns possible for themselves and their families.