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Last updated: June 03 2020
MIA: 30% of T1 Returns Remain Unfiled
Beth Graddon
The official extended June 1 tax filing deadline has past, but of course there is an unofficial deadline of September 1 still ahead. No late filing penalties or interest will be charged for those who file by then, so it’s not surprising that T1 tax filing season isn’t truly over yet. In fact, 30% of all T1 returns filed last year are still missing in action.
According to tax filing statistics to May 25, 2020 many took the advice to file by the June 1 deadline. In fact, 21,924,442 people have already filed. However, with the number of total tax returns sitting around 30 million the past couple of years, tax professionals will continue to have their hands full over the upcoming months. Here’s the breakdown:
|
Returns received from February 10, 2020 to May 25, 2020 |
||
|
Filing method |
Number of returns |
Percentage of total |
|
EFILE |
12,342,708 |
56.3% |
|
NETFILE |
7,659,167 |
34.9% |
|
File my Return (FMR) |
61,444 |
0.3% |
|
Total - electronic |
20,063,319 |
91.5% |
|
Paper |
1,861,123 |
8.5% |
|
Total - all methods |
21,924,442 |
100% |
Another interesting point to note is that the average tax refund amount has increased again this year. That number currently sits at $1,832 compared to $1,706 for 2018 and $1,765 for 2017 filings. Those who have to pay are reporting an average balance due of $4,660.
The big message is to get it done now before the lazy days of summer. But if you’d like, post-date your payment due (if any) for September 1.
Additional educational resources: You too can start a new career and earn a second or independent income helping people with their tax filings and tax audit support. Take the DFA-Tax Services Specialist designation program this month and come to the September 30 Virtual CE Summit at no extra charge (that’s a $695 value). Check out the full list of Designation Program and consider becoming a Real Wealth Manager™, too.
In addition, for those who are already qualified professionals, take an important course that sorts through all the COVID-19 Financial provisions. Become the invaluable resource Canadians need to navigate the tax pitfalls relating to the COVID-19 Emergency Response Benefits by taking the online Emergency Pandemic Response Benefits Course
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