Tips to get you through tax season

It’s that time of year again. Time to do your taxes. All returns should be filed by the end of April, but for many people it’s a daunting task. While the majority of Canadians do their own taxes, at least a quarter of the population pays someone else to do them.

In 1917 the government needed revenue to finance Canada’s efforts in the first world war so the income tax war act was introduced, it was supposed to be temporary, but in 1948 it was replaced with a permanent Income Tax Act.

Last year, 89% of the population filed their taxes online, but the other 11 percent of Canadians do theirs on paper.

Anyone making over 200,000 a year will be taxed 33%, the majority of Canadians pay about a quarter of their income to taxes.

Marvin Ryder from the DeGroote School of Business estimates that up to 85% of the population get refunds back every year.

Ryder says whoever is doing your taxes this year, make sure to claim the schedule 14 pre-bate on the new carbon tax.