Why it helps to file your taxes well ahead of the April 30 deadline GlobeMoney
“We do notice a spike towards the end of April with the returns coming in sort of at the last minute because that’s the nature of Canadians filing their returns,” says Paul Murphy, a spokesman with the Canada Revenue Agency.Murphy says filing early ensures that government benefits such as Canada Child Benefit, GST credit and provincial credits aren’t interrupted.
Two-thirds of taxpayers filed their 2017 taxes last April, about 30 per cent in March and less than four per cent in February, according to the Canada Revenue Agency. “You’ve got two or three months to put the money together instead of waiting until April and then you’ve only got one month … to get all of that balance owing in your hands,” Gittens said in an interview.The process could also alert taxpayers to savings from purchasing RRSPs before the March 1 deadline.
Many of the required income slips don’t have to be sent to taxpayers until the end of February while donation receipts and trust paperwork may not come in until March.
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