Introduction:
Filing taxes in Canada can be overwhelming — especially when you’re not sure what to include, what to claim, or when to file. Even small mistakes can lead to penalties or a delay in your refund. In this post, we’ll highlight the most common tax filing errors and how to avoid them.
❌ 1. Missing the Deadline
The personal tax filing deadline in Canada is usually April 30. Filing late can result in 5% penalty on the amount you owe, plus additional interest.
✅ Tip: Always file on time, even if you can’t pay the full amount. It reduces your penalties.
❌ 2. Forgetting to Report All Income
Many people forget to include freelance income, CERB payments, or rental income. CRA cross-verifies income with T4s, T5s, and other slips.
✅ Tip: Keep a checklist of all income sources and ensure you include everything.
❌ 3. Overclaiming or Underclaiming Deductions
Incorrectly claiming expenses like home office or medical deductions without proper documentation can trigger an audit.
✅ Tip: Always keep receipts and only claim what you’re eligible for.
❌ 4. Filing With Incomplete Information
Missing documents like RRSP slips or donation receipts can lead to missed tax credits or reassessments later.
✅ Tip: Organize your documents before tax season and work with a professional.
✅ Conclusion:
Avoid these mistakes and get peace of mind with professional tax filing. At Amazing Accounting Services Incorporated, we ensure your taxes are done right the first time.