Early Birds Get Their Taxes Back Sooner?

As we accountants gear up for tax season, we are fast approaching the yearly CRA annual website maintenance. What this means is that some of the services offered online will not be available from 11:00 pm on Friday, January 22, 2020 until 8:30 am on Monday, February 22, 2021 (Eastern Time). These services include:
-EFILE & ReFILE
-Express Notice of Assessment web services

If you are a little behind on filing, you may want to consider bringing us your tax information to file your 2019 (or earlier) tax information to get it all out of the way before we embark in the 2020 tax year.

This also means that if you have to get a head start on the tax year, you can drop off your tax documents starting February 22nd. Being an early bird can provide you with a few perks!

1.  You can receive your refund faster!

2.  If you owe money to CRA, you have a few months to come up with a payment plan. Filing close to the deadline can leave you scrambling to come up for the cash necessary to pay the balance owed. If you file early, you have a chance to reduce the interest and penalties on money owed. 

3.  You can get proactive with your 2021 financial planning.

4.  You will have more time to communicate with your tax advisor! If you are unsure about anything, there will not be a tight deadline looming. Give yourself time to really understand your tax situation. 

5.  Early filings help prevent identity theft since your return is marked as filed and no one can use your SIN to file a fraudulent return.

6.  Best of all – filing early gives you added peace of mind.  

As always, if you have any questions or concerns, contact us. We are always happy to hear from you!