Expert shares tips for income tax time

It’s time for people to start filing their taxes, with the tax deadline quickly approaching.

Tricia Brown, the director of Custom Bookkeeping and Tax Services, told the Greg Morgan Morning Show on Monday her office has been busy recently, which she says is a good sign.

“(People should) make sure (they) have all of (their) slips. I know some are delayed. Get everything together and go in as early as possible,” Brown said. “With the CRA possibly going on strike and the backlog that’s creating with all the new rules and everything that’s coming out, it’s best to get it done sooner rather than later.”

Brown says her office e-files all of the tax returns it puts together and people should expect to get their refund within five days.

However, she warns there could be delays because the CRA is cracking down on fraudulent Canada Emergency Response Benefit (CERB) claims.

“There were a lot of (fraudulent) payments issued … If people are saying they owe money back and they didn’t receive the funds, they must call (the CRA) themselves and put the notes on the file,” she added. “Then there’s a form that they must fill out and they have to upload it themselves.”

Brown says there are different tax credits people can take advantage of.

“There is a multi-generational tax credit for 15 per cent of $50,000 if (someone is) creating a secondary unit in (their) home for a senior or a person with a disability,” she said. “There’s also the designated immediate expensing program so if (someone buys) a big-ticket item, (they) can immediately expense it 100 per cent and it’s up to $1.5 million a year for four years.”

In addition, there’s a home renovation tax credit for Saskatchewan residents that lets people claim up to $10,000 in excess of a base amount of $1,000, Brown says.

People can also apply for a new rebate targeting low-income renters.

“If (someone) filed (their) 2021 income tax return, (their) income must be $30,000 or less for a family or $20,000 for an individual. Then it has to also be 30 per cent of (their income) … If (they) qualify for all of those, then they would get a one-time $500 payment,” Brown added.

Even though the deadline for people to file their 2022 tax return is April 30, the CRA will still consider it to be filed on time if it receives it, or it is postmarked, on or before May 1 since the deadline falls on a Sunday.