TORONTO--(BUSINESS WIRE)--There’s nothing like a looming deadline to motivate people to get into gear. This adage is proving true, as more Canadians than last year say they are procrastinating filing their taxes, according to a recent survey from H&R Block Canada.
The survey revealed that one in four Canadians will file just in time for the May 2nd deadline this year, compared to one in five Canadians last year. What is more worrisome, however, is that more Canadians are intending to file past the deadline this year (5 per cent) than last year (3 per cent). So, who are the worst offenders?
- Consistent with last year, Canadians aged 35-54 are the biggest tax filing procrastinators, with 30 per cent saying they will file just before or past the deadline.
- In a surprising turn, women put off their taxes slightly more than men (31 per cent vs. 27 per cent) this year. Last year, more men procrastinated on their tax filings than women.
- Overall, though, there are still far too few Canadians checking taxes off their to-do list, with only 19 per cent saying they file well in advance of the deadline. That’s about the same as last year.
H&R Block has already found Canadians $1 billion this year
“I’m excited to say we’ve already found over $1 billion for Canadians this year. But we understand from the CRA’s reports that overall filings are down year over year, and this means that people are missing out on refunds they’re owed” said Caroline Battista, Senior Tax Analyst, H&R Block Canada. “The longer they wait, the more Canadians put themselves at risk of filing incorrectly or missing out on opportunities to secure a better refund, so we encourage people to file and file now.”
In fact, a number of Canadians would rather do some pretty unappealing activities rather than their taxes. Just under one in five would rather get a flu shot, and nearly one in ten would rather hold a spider than do their taxes.
Tax Tips
Whether a last-minute tax filer or otherwise, here are a few considerations for Canadians:
- Don’t procrastinate too long. The benefit of filing before May 2nd is avoiding penalties and interest if you owe taxes. If you’re getting a return, filing on time (or even early) means you get that money back in your pocket faster.
- Pay attention. This time of year, it’s easy to get caught up in the rush to file. However, Canadians should take their time and ensure they have all their receipts and slips and have researched the credits and deductions that are applicable to them. That way you can avoid surprises and have the best possible refund possible.
- Double check. Many Canadians assume that because they didn’t qualify for a credit last year, they won’t this year. That’s especially true of programs like the Family Tax Cut. This is a non-refundable tax credit of up to $2,000 meant to help families with children under the age of 18 living at home. But, this is the last year it’s available to Canadians, so it’s worth seeing if you qualify for it, or other credits like it, this year.
For more information on H&R Block services and their free Online Tax Software visit www.hrblock.ca.
About H&R Block Canada
H&R Block Canada has more than 50 years of Canadian tax return experience. Headquartered in Calgary, Alberta, the company serves Canadian taxpayers in 1,200 offices across the country. H&R Block Canada, Inc. is a subsidiary of H&R Block, Inc., a diversified company with subsidiaries providing a wide range of financial products and services. Additional information about H&R Block Canada is available at 1-800-HRBLOCK or visit www.hrblock.ca.
About the Survey
From April 6th 2016 to April 7th 2016, an online survey was conducted among a sample of 1,550 Canadian adults aged 18+ who are also Angus Reid Forum panel members. Last year, from February 25th to February 26th, 2015, an online survey was conducted among a sample of 1506 Canadian adults aged 18+ who are also Angus Reid Forum panel members The margin of error for both studies — which measures sampling variability — would be +/-2.5%, 19 times out of 20 on a probability sample of this size. Both samples were balanced by age, gender, region and education (and in Quebec language) according to the most recent census data. Discrepancies in or between totals are due to rounding.
