Four Great Reasons Why You Should File Your 2017 Taxes Early
1. If you have a refund
If you are expecting a refund you should file your taxes as soon as possible to get your money back. CRA’s goal is to issue a refund within 2 weeks of filing your return electronically, or 8 weeks if filed on paper. The processing time increases as we get closer to the April 30th deadline. Sign up for direct deposit and your refund may be processed even sooner.
2. If you have a balance owing
Filing your return early even if you have a balance owing will give you more time to make payment arrangements. Since payments are not due until April 30th, you can have your return prepared today and post-date your payment to April 30th.
3. Avoid the last-minute rush
April is a busy time of year for tax preparers. Getting your taxes done early will give you better access to your choice of professional tax preparers. It’ll also give your advisor time to provide you with better tax advice and ensure you’re not missing any deductions or credits that you may be able to claim. Certain credits (for example, the Disability Tax Credit) need to be approved prior to claiming them on your tax return. Bringing your information to your accountant early will ensure there is enough time to apply for these credits and get approval prior to the filing deadline.
4. Peace of mind
Not knowing if you’ll be owing taxes can be very stressful. Getting your taxes prepared before the deadline will give you one less thing to worry about. “Don’t put off until tomorrow what you can do today.” ― Benjamin Franklin