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The biggest tax filing mistake may not be what you think. Here are tips to help

Learn how to overcome procrastination and avoid penalties and unnecessary stress.

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Q: I keep telling myself I’ll get to my taxes when I have more time and feel a bit more organized, but that moment never seems to come. My former partner used to be really on top of this kind of thing, and when we went our separate ways, I tried to carry on with some of the good financial habits she had. Still, without that structure, it’s been harder to stay on track. Last year, the right time to do my taxes never came, and I ended up filing late. It might not have been a big deal, but I had switched jobs and ended up owing a bit. It took me a few months to pay it off, and between the payments, penalties, and interest, it was frustrating and felt avoidable. I don’t think I’ll owe this year, but I’d rather not leave it until the last minute and risk finding out too late. At this point, I’m starting to wonder if there really is such a thing as the “right” time to do your taxes. Are there any simple ways to get started and avoid falling into the same pattern again? ~Eric

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A: It’s not unusual to intend to stay organized with your finances, whether that means paying bills on time or following a consistent budget. But when there isn’t an organized system in place, tasks such as filing your income taxes often get postponed. This is particularly likely when there are changes to your routine, such as starting a new relationship or having a different paycheque cycle. Filing late, missing out on the timely receipt of government benefits, owing a balance, and incurring penalties and interest are understandably frustrating. However, viewed another way, they also present a useful opportunity to refine your approach going forward.

The biggest tax filing mistake may not be what you think. Here are tips to help Back to video

Is there a right time to do your taxes?

While the personal income tax filing deadline for most Canadians is April 30, one of the most common challenges people face is waiting for the right time to begin. That moment, however, rarely occurs, and taking a clear, simple first step is usually far more effective than waiting for just the right time.

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Taxes can often feel more complex and time-consuming than they really are, which makes it harder to get started. Rather than focusing on completing your entire return all at once, it can be more helpful to shift your focus to simply getting started.

Why You Might Not Want a Tax Refund Next Year

Make momentum work for you

When getting started is the main obstacle, a helpful strategy can be to commit to starting within a short, defined period of time. Ten or 15 minutes is sufficient time to log into your tax software, locate last year’s return, or gather the slips you need for filing, whether they are in paper or electronic form. During this short period you may also want to log into your CRA account to verify whether employers or financial institutions have uploaded slips on your behalf. The 10-minute rule is a deliberate strategy to counter procrastination; it’s easy enough to do almost anything for just 10 minutes. Once the 10 minutes have passed and the process has begun, you can choose to continue for another 10 minutes, or move on to another activity.

How Filing Your Taxes Can Help Your Budget

Small tasks reduce feeling overwhelmed

Rather than treating your tax return as a single, imposing task, break it into clearly defined, smaller steps. The first step could be creating a small workspace and setting up your laptop there. The next steps might be gathering documents, entering information into your tax software, and then reviewing what you input for accuracy and completeness. The final step, once you’re satisfied with your return, is filing it and saving your documents in a safe place. Scheduling these smaller steps over several days or throughout a weekend provides structure and helps you build on your momentum.

Does Being Organized With Your Money and Finances Really Matter?

Create a personalized checklist

Many tax preparation programs include generic checklists, but you may find it helpful to create your own list that reflects your circumstances more closely. Reviewing last year’s documents such as income slips, medical and dental receipts, banking documents, and your previous notice of assessment will help you recall what to include this year. For specific types of income, such as from a rental, ensure that you also identify any related expenses that could be used as deductions. Creating a concise, personal checklist simplifies the current filing and becomes a useful reference for future years.

Should You Do Your Own Taxes or Hire a Pro?

Support for filing your taxes

If you need assistance with filing your tax return, consider enabling the auto-fill feature in the tax software you decide to use. Auto-fill tools use information linked to your social insurance number and submitted to the CRA. While using the software, be sure to follow each step carefully so you don’t miss anything important. The CRA website provides an updated list of certified tax software for every tax filing year. If you decide to use tax preparation software, ensure it is approved for the specific year you are filing.

5 Reasons Why You Should File Your Taxes Even If They’re Late

Depending on your situation, for instance if you are a senior, student, or have limited income, you may qualify for support from a community tax clinic. To find a clinic near you, visit the CRA website or search online for free tax clinics in your community. Alternatively, you can choose to work with a tax preparer or accountant. No matter which method you select, stay involved in the process, monitor any fees you may need to pay, and take the opportunity to learn. This proactive approach will help make sure nothing important is overlooked.

What to do if you owe

Many people put off filing their income tax returns because they fear owing money. But about 60 per cent of Canadians usually receive a refund. Since tax payments are due by April 30, filing early can give you more time to plan ahead. If you end up owing, take a close look at your budget to determine how quickly you can pay off the bill. Consider if you could sell unused household items to pay down your tax debt, or you may want to reach out to the CRA to see if payment arrangements are an option. By taking proactive steps, you avoid the uncertainty of not knowing what your bill will be, which can often be more worrisome than the actual amount.

How to Deal with Debt as a Gig Worker With Inconsistent Income

The bottom line on getting your taxes filed

Filing your taxes doesn’t need to be a stressful, once-a-year scramble. By developing a process that you can follow each year — such as breaking the work into manageable steps, beginning early, and working through your checklist step by step — you can make tax time feel like just another routine part of managing your money. In addition, taking a few moments after you file to review your current tax withholdings on your paycheques, especially if you’ve experienced changes in your employment, will help prevent surprises and create more financial stability moving forward. With a proactive and organized approach, tax filing can become easier and less overwhelming, setting you up for success year after year.

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Peta Wales is President and CEO of the Credit Counselling Society, a non-profit organization. For more information about managing your money or debt, contact Peta by email, check nomoredebts.org or call 1-888-527-8999.

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