Canadians who have yet to sort their receipts into different piles must be breathing a sigh of relief to know that the Canada Revenue Agency is extending the filing deadline as a result of the Heartbleed chaos.
Tax season is all about the numbers. Here are a few more.
Canadians don’t miss snail mail
As of the end of March, the agency had received 6.7 million returns, with 84 per cent filed electronically.
Of those, nearly 32 per cent of Canadians filed using Netfile and nearly 52 per cent used Efile. That leaves just over 16 per cent of Canadians using paper and paying for a stamp.
Last year, 76 per cent of Canadians filed their income-tax return electronically, an increase of 17 per cent over the previous year.
On March 24, 2014, the number of online submissions processed on the CRA website hit a seasonal high of 1,763 per minute.
Show us the money, quickly
As of March 24, 2014, 65 per cent of taxpayers getting a refund received it by direct deposit, compared to 61 per cent at the same time last year.
By filing online and using direct deposit, refunds can be issued as quickly as eight days later.
Steady refund amounts
So far this year, the average refund amount is $1,619.11.
Last year, the average return was $1,617.
And in 2012, the average refund was $1,641, an increase of $22 per person from the previous year.
Canadians need help with the math
According to a national survey commissioned by Thomson Reuters, makers of UFile tax software, 56 per cent of Canadians depend on an accountant or professional service to complete their tax return, up 7 per cent from 2013.
Hiring an accountant or professional service is highest in Quebec, at 62 per cent, and lowest in the Atlantic provinces, at 50 per cent.
Canadians cite confusion and time restrictions as the most common sentiments toward filing their tax return.
Twenty-eight per cent of Canadians plan on using tax software to complete their return this year. That figure is highest in Toronto, at 31 per cent, and lowest in Quebec, at 24 per cent.
To each his or her own
About 40 per cent of Canadians say they like filing their income taxes. Another 53 per cent do not, and 7 per cent aren’t sure.
Twenty-eight per cent of Canadians will use their refund to pay off debt. This number is highest in B.C., at 34 per cent. People from Toronto are most likely to invest in retirement, at14 per cent, while seven per cent of BC residents will splurge on a vacation.
The government brings home the bacon
The Government of Canada is expected to bring in income tax revenues of $137.8 billion this year. That’s on top of corporate income-tax revenues of $37 billion and non-resident income tax totalling $5.7 billion.
Source: Pay Day
