Wants You To Know

Wants You To Know

- Michelle Crouch

1 The holy trinity of quick refunds: file early, file online and opt for direct deposit. Some e-filing companies report turnarounds as short as eight business days.

2 Did you win a prize in a raffle at work or receive any gifts or rewards from your employer? If their value totals more than $500 a year, you’ll have to pay tax on them. An exception: frequent-flyer miles or loyalty points earned when using personal credit cards to book business travel—unless they’ve been converted to cash.

3 Filing late in itself won’t hurt your credit rating, but it could lead to penalties and interest that will ratchet up the amount you owe the government. If you don’t pay that debt, the Canada Revenue Agency (CRA) can garnish your income or even get a court order to seize your assets.