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It’s that dreaded time of year again when we wrangle up our T-slips and bank statements to stumble through the tax filing process. Because that April 30^th deadline is fast approaching, we’ve put together a list of reasons you might actually want to get those tax returns completed.

1. Get money back

If you work for an employer, you have income taxes deducted from your pay. The amount deducted is calculated using the Personal Tax Credits Return form, which every employee fills out when they are hired so they don’t end up with a big bill at tax time. Depending on your unique situation, you might be entitled to all or some of it back. Which brings us to our next point…

2. Benefits & Credits

There are many reasons why it’s tricky to get taxes filed on time, but here in Canada, most government benefits and credits are based on the previous year’s tax return. This means those who are unable to file taxes will be missing out on important benefits that our government distributes to make life more affordable. Check out this tool to search benefits and credits that you may be eligible for: Home – Benefits wayfinder.

3. Don’t pay more than you need to

If you’re going to owe income tax (common for self-employed people or those with more than one income stream), it’s best to file on time to avoid a late filing fee of 5% of the balance owing. If you owe income tax for years prior to 2022, your deadline to pay is May 1^st, after which compound interest starts at 8%.

Payments can be paid directly to the CRA in-person, online through your bank, or by cheque or money order through a Canada Post location. Never send cash through the mail.

4. Get your taxes done for free

Check out this tool to find a free tax clinic in your area. Free tax clinics use trained volunteers to help you fill out your tax return. Eligibility is generally tied to income, which varies depending on the clinic. Find a tax clinic in your area (cra-arc.gc.ca)

5. You can claim stuff!

The most underclaimed expenses for average Canadians are medical expenses. Visit this page for more information on what and how to claim medical expenses on your tax return. Lines 33099 and 33199 – Eligible medical expenses you can claim on your tax return – Canada.ca

“CWB is pleased to partner with Foundations Learning & Skills Saskatchewan to provide financial literacy workshops. While doing our taxes is not something that many of us look forward to each year, the process should go a lot smoother by taking advantage of these helpful tax tips.”

-Kelly Walker, Senior AVP & Market Lead Saskatoon District.

Canadian Western Bank takes pride in actively participating in the growth, development, and sustainability of our communities Learn more about how CWB gives back.

Thank you, CWB, for having an impact in our community:

“Got knowledge about benefits and credits available and tax return filing centers. Workshop was full of important information for those who are filing their 1st return.”

“Everything was useful. Thank you so much! Now I know how to file my taxes, where to go to get help or information, what are forms T1 and T4, the difference between benefits and credits.”

Hungry for more money management information? Register for the next workshop series here: https://www.foundationslearning.com/register