Here's what you need to know if you haven't filed your 2019 taxes yet

The new deadline to file 2019 tax returns is on Monday, but it's not exactly your final chance.

While the tax season normally comes to a close at the end of April, the federal government pushed it forward in light of COVID-19.

But if you still don't file on time, you won't be hit with a penalty, that is, as long as you file before Sept 1.

Evelyn Jacks, a financial educator, joined the Calgary Eyeopener on Friday to offer a few tips on what you should know about filing your taxes this year.

No late penalties until September

Jacks says even if you owe money, you won't be hit with late filing penalties, nor interest on any remittances owing, if you file after June 1 but before Sept. 1.

"There's a little bit of relief even though we are hoping people will file their tax returns by June 1st," Jacks said.

If you don't file by the start of September, though, you will be penalized.

Jacks estimates only 18 million of the 30 million tax returns expected have been received so far, based on Canada Revenue Agency figures.

"We had seen that people were having trouble getting their tax returns done," Jacks said.

Planning ahead for next year's taxes

There are some incentives to file on time, however, Jacks notes —like if you have a refund owing, it might be helpful to get that back sooner rather than later.

"Put that money to good use. Put it in your TFSA," she said.

Or, if you're receiving the Canadian Emergency Response Benefit, which is taxable, Jacks says consider putting this year's tax refund into an RRSP account. This might help reduce the tax on your relief benefit when you file your 2020 tax return next year, she said.

That's because the emergency response benefit will be added to your annual income and the government will send a T4A tax slip on the amount you received, meaning you might owe money next year.

If you opted to repay the CERB (due to no longer being eligible to receive the benefit, for example) the Canada Revenue Agency won't issue a T4A for that payment, as long as it's repaid before Dec. 31.

It differs from EI, where federal, provincial and territorial taxes, where applicable, are deducted.

"Depending on what your other income of the year is, you could be taxed at a variety of different marginal tax rates," Jacks said.

"But you know the rule of thumb, I would be putting away approximately 25 per cent of that (benefit)."

Most importantly, when it comes to filing on time, is to keep in mind that if you haven't filed by September, the government will ask you to repay the benefits you're receiving, Jacks says.

Changes to tax forms

Other changes to tax returns this year include moving to an eight-page form from the four-page form the Canadian government had used since the 1970s.

All the line numbers have also changed to five digits from three digits.

There's also many new grants and incentives on the tax return, Jacks notes. For example, in Alberta, there's a climate action incentive program that might help boost your refund.

While both paper and electronic submissions of tax returns are being accepted, Jacks says the quickest way to receive your funds is by electronic submission.

Bottom line, file your taxes sooner rather than later if you haven't already. And for anyone receiving government benefits — including students and businesses — anticipate being taxed on that aid at next year's tax time.

With files from the Calgary Eyeopener.