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It's tax time at the post office!

March 7, 2005

Over the next two months, more than 24 million Canadians will be pulling out their calculators, collecting relevant forms and pouring a large cup of coffee as they prepare to tackle one of life's certainties, income taxes. Despite the rise in alternative forms of filing, a majority of Canadians continue to take filing income taxes into their own hands. Canada Post (home to 7 million tax forms and guides and retailer of Canada's market leading tax software, QuickTax) offers the following general tips from Steve Ranot, CA·CBV/IFA, CFE, to help make the process less, well, taxing... .

  • Be sure to file an income tax return even when you do not owe money. You could be eligible for a refund including federal and provincial credits such as the GST credit

  • Do not wait until late April to file. The Canada Revenue Agency is overloaded at this time of year. People usually have all the slips they need by March 31, so file right away; you could get your refund sooner

  • Charitable donations do not have to be claimed in the year the donation is made. Charitable donations can be carried forward up to five years and there may be tax savings by deferring and claiming a number of years' worth of donations all in one year

  • If you are required to incur certain expenses, such as automobile repairs, gasoline, and automobile insurance as part of your employment duties and you are not reimbursed by your employer you may be able to deduct some of these expenses. Also, GST on these expenses may be fully recoverable

  • The tax filing deadline is April 30, however, because this date falls on a Saturday, the Canada Revenue Agency has extended the deadline to Monday, May 2, 2005.

For the do-it-yourselfer, local post offices have all the necessary tax return forms (until May 6) and Canada's #1 tax software, QuickTax. Tax returns posted at a postal outlet ensure the security of the personal and financial information contained in the return, correct postage and date stamping. For additional or specific suggestions relating to filing income taxes, Canada Post recommends seeking the advice of an income tax professional.