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By May 3, the CRA received a total of 25,857,885 returns filed by Canadians – 94% of them electronically - which is 83% of the total returns filed last year. The average tax refund is $1,987: a jump from last year’s average of $1,878. What that means is that the CRA is increasingly holding on to more of Canadians’ money throughout the year – about $165 a month – which could be put to good use in inflationary times. With 17% of returns left to file in advance of the June 15 deadline for proprietorship, it’s also important to note that those filers who owe so far have also paid a substantial chunk.
Unfortunately, even as interest rates rise in Canada, there are new restrictions in interest deductibility on the horizon. Re-introduced on February 4, 2022, a 2021 federal budget proposal will limit interest deductibility and financing expenses for certain taxpayers based on a percentage of earnings before interest, taxes, depreciation and amortization (EBITDA). The rules are expected to come into effect after December 31, 2022. The new rules will be known as the Excessive Interest and Financing Expenses Limitation (EIFEL) and comments are to be submitted to Finance Canada this week by May 5.
There are more tax filing milestones in sight, and tax and financial professionals will want to ensure their clients are reminded of them now with Knowledge Bureau’s handy checklist. Most important is the June 15 tax filing deadline for those with unincorporated businesses. But there are other important dates too. Here are some important dates and deadlines coming up to make note of in May and June!