13 h. ago Did your tax return get flagged for a review? Don’t panic, experts say

'These types of reviews will happen and it's really CRA doing almost triage and making sure to keep everyone honest'

Economics

3 d. ago Payments of these benefits may be delayed if you don't file your taxes on time

Regularly employed Canadians have one day left to file their taxes in Canada by the April 30 deadline.According to a survey from H&R Block, 22 per cent of Canadians have yet to file their tax return.More than half (58 per cent) of those yet to file say they plan to file before the deadline, but haven’t gotten around to it yet, and 12 per cent say it's because they have yet to receive some documents they need.If you've been slacking, now's the time to catch up so that you don't miss out on any immediate benefit and credit payments, or incur any penalties.We spoke with H&R Block tax expert Yannick Lemay about what could happen if you file your taxes late in Canada.Late benefit and credit paymentsLemay says there are a lot of credits in the last few years, both from the federal and provincial governments, that are being paid outside of the tax return."That means in order to receive them, you need to have filed your tax return," he explained....

Economics

8 d. ago Even more people will be able to take advantage of Canada's dental care plan next month

More people will be able to apply to the Canadian Dental Care Plan (CDCP) next month.Introduced in 2023, the measure aims to help lower dental costs for those earning less than $90,000 annually.According to the government, the dental care plan will help up to nine million uninsured Canadians get the necessary care.Applications are currently open for the coverage period ending June 30 for eligible seniors aged 65 and over, children under 18 and adults with a valid federal Disability Tax Credit certificate for 2023.In May, the CDCP will expand to allow qualified Canadians ages 18 to 64 to apply for coverage.Canadians already covered by the CDCP will need to renew for the 2025-2026 period before June 1 to avoid a potential gap in coverage. To do so, they'll need to have filed their 2024 tax return and received the notice of assessment from the Canada Revenue Agency.Do you qualify for the Canadian Dental Care Plan?You must meet all four of the following requirements t...

Transport

2 w. ago These are the tax credits and deductions most commonly missed by Canadians

There are only a few more weeks of tax season left in Canada, so don't forget to claim any missed benefits, credits, and deductions.According to a new H&R Block Canada survey, nearly two out of three Canadians (65 per cent) report that they did not know they could amend their tax returns from the last 10 years to claim benefits, credits or deductions they were entitled to but missed."There are likely hundreds of thousands of Canadians who have left money on the table from missed credits and benefits from prior tax returns," said Yannick Lemay, H&R Block Canada tax expert, in the report."Meaning, if you filed a tax return and missed a credit or deduction you were entitled to in years past, you can go back to the Canada Revenue Agency [CRA] and amend the previous assessment."Despite knowing they can amend their prior tax returns, the report found that a whopping 72 per cent of Canadians say that amending it is "too much hassle."Lemay says the tax prep company's free ...

Economics

3 w. ago Some taxpayers may find CRA’s online portal is missing tax slips

Jamie Golombek: This tax season it’s worthwhile reviewing your return before filing to ensure that you’re not missing any information

Economics

3 w. ago Can’t pay your tax bill? File your return on time and don’t panic, experts say

OTTAWA — For many Canadians, filing their taxes often means a refund, but for some, tax time can mean a bill that’s unexpected or more than anticipated. If that’s you and you don’t have the cash on hand to pay the bill, tax experts say not to panic. Ottawa-based accountant Marlene L. Grant says you […]

Economics