Free automatic tax return system promised for simple tax filers: This is a long-overdue change that will result in hassle free tax filing for hundreds of thousands of low- and fixed-income Canadians (on average, 12% of working-age adults in Canada don’t send in a return each year). Federal government promised that no Canadian with simple tax return will have to incur out-of-pocket costs to file a return and get a refund. How this will affect you:
• If your tax return is simple (criteria to be finalized by the Government) then tax filing will be free and automatic.
• The CRA itself will use data they already have about your income to complete paperwork for such simple returns each year.
• This will remove the hassle and cost that stands in the way of your financial support every year.
• If you are a simple filer, then it will be wonderful if you get a prepopulated digital return. You either accept by signing off or add any additional info that is relevant and then submit it.
• No more software cost or fee payments to professional tax preparers, if you qualify.Few facts;
• Already 36 countries, including Britain, Germany, Japan and the Netherlands, allow return-free tax filing for some taxpayers, according to the Tax Policy Center’s briefing book.
• Fewer than 3 per cent of homeless Canadians collect the GST/HST credit, according to research done by the Calgary Homeless Foundation.
The government owes money to 62% of people who file tax returns. The average refund was $1,740 last year.
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