Tax time is right around the corner, and for those of you who are organized you’re able to file early. If organization is not your strong suit, you’re probably thinking ‘why rush when there are no benefits to filing early… there are only penalties for those who file late, right?’ Wrong! Here are three great reasons to complete your filing as early as possible:
1. Avoid the Panic
Employers, charities and financial institutions are legally obligated to mail out T4s, T5s and tax receipts by January 31st. Completing your taxes as soon as you receive all those key documents keeps you organized, and prevents unnecessary drama. There’s no joy in the 11th-hour panic to track down outstanding documents.
2. Procrastination Doesn’t Pay
Love them or hate them, taxes are a must. Starting early gives you time to input all the data accurately. Incomplete or missing receipts won’t help you get a refund. Keep in mind that you can submit electronically, which means you can do it at your leisure, plus it helps avoid postage costs.
3. Bank Every Penny!
It’s your money, so why let it gather interest in the government’s hands. If you’re getting a refund, the earlier you file the sooner the money will be in your account. If you’re required to pay taxes, the sooner you pay them, the less interest you will have to pay.
PRO TIP: By law you’re required to keep supporting documents for up to 6 years. That adds up to a lot of paper, which if not wrangled properly, can quickly get out of hand. Organization is key, and we’ve got some ideas for you on last year’s blog Your Most Organized Tax Season Ever!
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