The tax deadline in Canada is approaching and you could get thousands of dollars as a refund

The tax filing deadline in Canada is inching closer — and if you haven't filed your income tax return yet, here's your reminder to get on it.

The Canada Revenue Agency (CRA) has set April 30 as the official tax deadline for most Canadians, and that date is now just a little over three weeks away. Whether you're expecting a tax refund or think you might owe, filing on time is key to avoiding penalties and making sure you don't miss out on any government payments.

If you're one of the many Canadians who's hoping to score a little extra cash back on your 2024 tax return, you'll be happy to know that most people do get money back.

Last year, 57% of all tax returns processed resulted in a refund, with the average coming in at $2,295. That's a pretty decent chunk of change to get dropped into your account, especially if you've got bills stacking up or just want to treat yourself.

Meanwhile, the average income tax refund so far this season is just slightly lower at $2,121, according to the CRA. No matter what tax bracket you're in, there could be a little extra cash coming your way.

If you haven't already signed up for direct deposit with the CRA, doing so could help you get your tax refund even faster. This is how the vast majority of Canadians — about 86% — are already receiving their refunds this season, and it means the money can land in your account without waiting on a cheque in the mail.

The CRA says it aims to process digital returns within two weeks, so if you set up direct deposit and hit submit soon, there's a solid chance your refund could hit your bank account before the end of the month.

And if that wasn't motivation enough, another reason to file your tax return ASAP is to get your final Canada Carbon Rebate payment.

The deadline to get it as scheduled on April 22 has passed, but filing now means you won't have to wait too much longer for it to land in your bank account — the CRA says it'll show up six to eight weeks after your return is assessed if you missed the April 2 cut-off.

So grab your tax slips, open up that NETFILE-certified software and get it done. Because April 30 will sneak up on you — and no one wants to be scrambling at the last minute, especially when there's money on the line.

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