Monday is shaping up to be a very busy day for Canadians, with it being both Election Day and the deadline to file a tax return for 2010.
For those who have already planned their next vacation or are engaging in some retail therapy thanks to a hefty rebate, casting their ballots in the federal elecction should be fairly easy.
But for the procrastinators who have yet to complete their annual financial check-up with the feds, May 2 may turn out to be a panic-filled mad dash to the tax-filing finish line, with a pit stop at the voting booth.
This year's deadline to file a tax return for 2010 is April 30. However, Canada Revenue Agency rules dictate that "When a due date falls on a Saturday, a Sunday, or a public holiday, we consider your payment to be paid on time or your return to be filed on time, if we receive it or if it is postmarked on the next business day."
So while that extra 48 hours will no doubt make filing taxes on time a little easier, stragglers may find it difficult to exercise their democratic right to vote, as well.
But it is possible.
The deadline to file taxes is midnight Monday, which gives Canadians the weekend and a full business day to fill out their forms and get to the post office. Late filers can also complete their return online, or by telephone if they qualify, according to the CRA.
Cleo Hamel, a senior tax analyst with H&R Block Canada, says last-minute filers are often "scrambling" to find T4 slips and medical receipts in an attempt to cobble together a return.
Hamel says those who are filing at the very last minute and don't have the time to find receipts for every last credit should at least get their T4 and other investment receipts together and file a return for their income.
"Keep in mind that you can do an adjustment, especially for things like credits, where maybe it would help if you had a little less stress to find receipts or needing to get some duplicates," Hamel told CTV.ca Saturday in a telephone interview.
Other receipts, such as charitable donations, can be claimed on next year's taxes and are therefore not worth breaking a sweat over if the minutes are ticking down to the deadline.
If the extra time doesn't offer enough incentive to get your return in by the deadline, the penalties might. Filing and paying taxes on time means payments such as the GST or HST credits and the Canada Child Tax Benefit won't be delayed.
And for those who owe the government money, filing late carries a penalty of 5 per cent of the balance owing for 2010, plus 1 per cent of the balance owing for each full month the return is late, to a maximum of 12 months. Canadians who owe money but can't pay it all at once can pay in installments, but filing on time will at least avoid the late filing penalty.
In a bind -- to vote or to file taxes?
But what if you want to file your taxes on time, but have to work and can't bear the thought of not voting on election day?
Enter the Canada Elections Act, which stipulates that "qualified electors must have three consecutive hours to cast their vote on election day," according to Elections Canada.
"If your hours of work do not allow for three consecutive hours to vote, your employer must give you time off," the agency's website says.
An employer can decide what time an employee can have off to vote, but cannot withhold pay for that time. It is also an offence for an employer to fail to provide time off to vote and to reduce an employee's pay when he or she has been given time off to vote. The offences carry a fine of up to $1,000 and/or three months in prison.
Better luck next time
While it is unlikely that another election will fall on next year's tax deadline, filing at the last minute, or even late, may mean missing out on credits that could help finance a sweet summer vacation.
For those who are in a mad scramble to find this year's relevant receipts, it's probably wise start planning for next year, especially since there may be 2011 receipts that are already well on their way to getting lost at the bottom of a sock drawer.
Hamel suggests finding "that central location -- is it a box, is it an envelope, is it a drawer, is it a file cabinet? Find that location where you're going to put this information as it happens."
She says a New Year's resolution, the kids going back to school, marriage or a new baby are all times that Canadians should reevaluate their tax situation.
And for do-it-yourselfers, some tips:
- Keep your last pay stub of the year and check it against your T4 to make sure there are no discrepancies.
- Get the tax return guide at the CRA website or the post office to check for any tax changes or look for credits you may not be aware you are entitled to.
- Whether you're completing a paper form or filing online, be sure you are in a quiet environment. Either have a partner check your work, or take a step back and review what you have done.
