TORONTO, ONTARIO -- (Marketwired) -- 04/30/13 -- BMO Nesbitt Burns reminds Canadians that they have until midnight on Tuesday to file their personal income tax return with the Canada Revenue Agency (CRA).
According to a BMO Nesbitt Burns Tax Study, 94 per cent of Canadians report that they file a personal income tax return each and every year, and almost half are "Do-It-Yourselfers", preferring to prepare their own tax returns rather than relying on someone else - such as a tax professional or family/friends - to do it for them.
As of April 18, 2013, the Canada Revenue Agency (CRA) has received and assessed more than 13.1 million tax returns, 86 per cent of which were filed electronically. Of those, almost 8.8 million returns were eligible for refunds; the CRA has issued almost $14 billion in tax refunds. The average individual tax refund has been $1,585.
For Canadians who have yet to file their personal income tax return or have questions about their return, there are a variety of options available:
"It's commendable that the overwhelming majority of Canadians are filing their taxes annually," said John Waters, Vice President, Head of Tax & Estate Planning, BMO Nesbitt Burns. "It's not only the responsible thing to do, but also the smart option given the penalties that you can incur should you owe money and don't file."
BMO Nesbitt Burns is available to provide insight on a number of topics, including:
-- Lesser known tax credits and deductions-- How to make the most of your tax refund-- Survey results from BMO Nesbitt Burns 2013 Tax Study-- Tips to reduce the amount of tax paid on capital gains and dividend income-- Tax planning and building a financial plan
For more information, please visit www.bmonesbittburns.com.
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Rachael Mckay, Toronto
Valerie Doucet, Montreal
Laurie Grant, Vancouver