Last-minute tax tips with Jamie Golombek
Canada Revenue Agency (CRA) workers remain on strike with the May 1 tax deadline less than a week away, but one tax expert said Canadians shouldn’t worry.
Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management, said the majority of people file their taxes electronically, and the CRA’s website is unaffected by the strike.
“Most people, if by now they have all their slips, if they have all their information … you should be just fine,” Golombek told BNN Bloomberg in a television interview on Tuesday.
He noted, however, that people hoping to ask questions of the taxation agency by phone may run into trouble if the strike drags on, making it almost “impossible” to reach an agent.
Golombek stressed that people should strive to file their taxes on time, regardless of the strike, to avoid being hit with a five per cent late penalty that kicks in on the first day after the deadline, and to ensure they receive benefits like HST credits.
“My message is: File on time,” he said.
OTHER TAX TIPS
Golombek noted that a tax credit for first-time homebuyers doubled this year, so people should indicate they purchased a home in 2022 to take advantage.
He also highlighted the Ontario Staycation Tax Credit for Ontario residents who traveled within the province and saved receipts related to their accommodations.
People can also claim a portion of their medical expenses, he noted, and suggested spouses pool their charitable donations on one return in order to claim a higher tax credit that applies on amounts higher than $200.