T1 Filing: 29 Million Expected; Only 15 Million Filed So Far

Things must be gearing up for a really busy week in tax accounting offices since the CRA has only received half the returns it is expecting for the 2017 tax filing year. It’s estimated that there will be 29 million tax returns filed this year. Is a big rush still to come before the May 1 deadline? In a word, yes.

It’s important to file on time if you owe money to CRA. Interest on late filings starts on May 2. Electronic filing remains the taxpayer’s method of choice for quick delivery, with over 90% of all returns filed so far using the paperless methods.

However, taxpayers should brace themselves for lower tax refunds this year, as indicated in the second table below. The average return in 2017 will be $1637, compared to $1700 last year. This reduction reflects the recent changes in eligible deductions by the federal government.

For those expecting a refund, this is an excellent opportunity to make an appointment to speak with a financial advisor to discuss the best uses for your return that also provide a tax-advantage.

And best of luck to all the tax accounting professionals — we hope your week is successful and rewarding!  Just around the corner: the June 15, 2017, tax filing deadline to file T1s for unincorporated businesses.

*Source: CRA Website

*Source: CRA Website

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