Think about your taxes year round so you don't miss deductions: CPA Canada's Bruce Ball
The April 30 income tax deadline is fast approaching, and it seems many Canadians are putting off filing over fears they will end up owing the government after the unique past year.
According to data released by H&R Block Canada Inc. on Tuesday, 60 per cent of Canadians said they had not yet filed “as of late March.”
A third of Canadians reported dreading the 2020 tax season more than usual, according to the poll. While nearly half are concerned they owe money, 26 per cent of respondents said they are counting on a refund to shore up their finances.
"It's inevitably a challenging tax year for many Canadians to navigate,” said Peter Bruno, president at H&R Block Canada, pointing to work-from-home expenses, government stimulus, and reduced income for some as complicating factors. “What's important is resisting the temptation to procrastinate, and to seek expert help if you are not sure how to maximize your tax return."
H&R Block’s report was based on three separate surveys of more than 3,000 Canadians conducted by the Angus Reid Forum.
Those planning on hiring a tax professional may want to book an appointment soon, as the poll predicts a last-minute filing rush in April. Among respondents, 55 per cent said they intend to file in “the next two to three weeks,” with nine per cent predicting they would file in the last week of April.