Filing taxes in Canada can get you a bunch of money — Here's how much

Filing your taxes in Canada might sound like a chore, but you might be surprised how much money you could be entitled to in return.

Canada's tax-filing deadline is today — Wednesday, April 30 — and if you haven't filed your 2024 income tax return yet, it's not too late.

The Canada Revenue Agency (CRA) says the average refund for returns processed so far this year is over $2,100, and that's just the beginning. If you haven't filed your tax return yet, you might be missing out on thousands in government benefits and credits — even if you didn't earn any income last year.

As of late April, over 20 million Canadians have already filed, and nearly two thirds of them got a refund, averaging $2,188. But even if you don't get a refund, filing your return also unlocks government benefits and credits you could be eligible for.

Individuals who qualify can also receive up to $533 from the GST/HST Credit, up to $7,997 per child from the Canada Child Benefit, up to $1,590 through the Canada Workers Benefit and up to $273.60 from the final Canada Carbon Rebate payment. And those are just the base federal payments — some of them offer top-ups for families and people with disabilities, and most provinces and territories offer extra credits as well.

You don't need to owe taxes to get this money. In fact, if your income was low or even zero, you can still qualify for benefits — but only if you file. The CRA uses your return to figure out what you're eligible for, so skipping the paperwork could mean leaving money on the table.

Meanwhile, filing late can result in penalties, especially if you owe money. If you file late and have a balance owing, the CRA will hit you with a late-filing penalty of 5% of whatever you owe as of April 30, plus an extra 1% for each full month your return is late. If this is your second time being charged a late fine, those penalties double.

Plus, the CRA will charge compound daily interest on any unpaid balance starting May 1. Currently, the interest rate for overdue taxes is 8%.

Filing online is the fastest way to go, and some CRA-approved software is even free. If things are tight and your tax situation is simple, you might be able to file for free at a local tax clinic.

Once you've filed, if you're signed up for direct deposit, your refund could hit your bank account in just over a week. And if you're self-employed, you've got until June 16 to file your return — but your payment is still due today.

So yeah, tax season isn't just about paying a bill — it might actually be your ticket to a serious payday!

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