There’s a lot of focus on what to file and how to do it, but let’s start with the why. Why should you file your taxes—other than avoiding a last-minute scramble next month?

1️⃣ It’s the law.

If you live and work in Canada, you must file your taxes. No exceptions.
Miss the deadline and have a balance owing? The Canada Revenue Agency (CRA) charges penalties and interest starting May 1st, money that should be in your pocket.

If you can’t pay your taxes right away, file anyway. You’ll avoid the late-filing penalty, and you may be able to request relief from the CRA and work on a payment plan. Yes, they do this.

2️⃣ You might get a refund.

If your employer deducts taxes from your paycheck, you could be owed a refund. That money could help you:

 ✔️ Pay down debt
 ✔️ Build an emergency fund
 ✔️ Save for retirement


3️⃣ Filing lead to benefits. -> This is SO often overlooked

Your tax return isn’t just paperwork—it’s your key to important government benefits, including:

✔️ Canada Child Benefit
 ✔️ GST/HST Credit
 ✔️ Disability Tax Credit
 ✔️ Canada Workers Benefit

Also, don't forget there are many other instances where you might need to have your Notice of Assessment on hand, if you don't file you won't have it. With everything happening in the Canadian economy, if new mortgages are on your horizon, you will definitely need to have that on hand.

Filing taxes is more than paperwork - it is an integral part of your financial health.

Not sure what you qualify for? BenefitsWayfinder.org can help. I tested it out and found 13 benefits for my profile— 8 of them required filing a tax return.

Being on time is not only an incredibly healthy financial habit, but one that for many can make a big financial difference in their households.

*I have no affiliation with Benefit Wayfinder, just trying my best to spread the awareness and importance.

Link to website: benefitswayfinder.org