As the April 30 deadline for Canadian tax filing approaches, many people are confused by recent changes in tax policies and plan to delay filing their taxes.

A latest survey conducted by H&R Block found that 29% of Canadians said they were unclear about what to claim; 28% intended to delay their tax filing; 22% even expected that the government might extend the tax filing deadline due to the upcoming federal election on April 28.

Yannick Lemay, a Canadian tax expert at H&R Block, stated in the press release: "It is clear that Canadians are confused by recent tax-related messages from the government and the Canada Revenue Agency (CRA), including changes to capital gains tax, the cancellation of the Canada Carbon Rebate, and the decision to extend the tax filing deadline for certain groups affected by delays in specific income forms."

Source: Photo by 51 journalist

However, he emphasized: "Even if you don't owe any taxes to the CRA, you must file your tax return before April 30 to avoid any potential fines. Although the federal election may bring future tax changes, this year's tax filing will not be affected as a result."

Nevertheless:

  • 7% of Canadians prefer to wait for the election results to respond to possible new changes;
  • Another 7% are concerned about being unable to file taxes on time because they are still trying to figure out relevant policies;
  • Already 15% of those who filed their taxes worry that they may have filled out incorrect claims due to misunderstanding the changes;
  • 40% said they were unaware of any policy changes during the tax season;
  • 37% of people said they lacked confidence in maximizing their tax refunds.

In addition, a survey conducted jointly by Remolino and Associates bankruptcy management company and Angus Reid found:

  • 65% of Canadians are concerned that tax policies will affect their financial situation;
  • One quarter of respondents plan to use their tax refund to pay off debt;
  • 36% said they did not understand or were unsure which tax credits or deductions applied to their work;
  • 20% believed they had missed out on applicable tax benefits.

Source: Google Map

Francisco Remolino, head of Remolino Company, said: "In a time when every penny counts, our data shows that many Canadians not only carry debt but also do not know who to turn to for help. The lack of understanding of debt relief options, combined with rising living costs and economic uncertainty, makes this year's tax season more stressful for individuals, families, and business owners."

This survey interviewed 1504 Canadians in March, and other data showed:

  • 39% of Canadians hope the next federal government prioritizes reducing income tax;
  • 23% want to increase family and personal tax credits;
  • 18% want to reduce the Goods and Services Tax/Harmonized Sales Tax (GST/HST).

Original article: https://www.toutiao.com/article/7491891244163990016/

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