Last minute tips to file your taxes

As the April 30 deadline approaches, tax specialist Gerry Vittoratos stresses the need for Canadians to organize their documents for filing 2024 taxes. He recommends using the CRA's 'My Accounts' portal, which provides access to essential slips like T4s and RRSP receipts. Many taxpayers overlook charitable donations and medical expenses, leading to reduced refunds. Vittoratos points out that filing late can incur penalties, especially for those who owe money, with an immediate five percent penalty for late submissions. He advises filing promptly to avoid complications and delays in receiving refunds.

Additionally, he notes that past deductions and credits, such as capital losses and tuition fees, can be beneficial for current filings. Taxpayers should also stay informed about potential tax changes that accompany the federal budget each year. Lastly, charitable donations made until February 28, 2025, are applicable to the 2024 tax year, providing additional opportunities for deductions.