The deadline for individual’s income tax return filing is quickly approaching. Like all years, it seems to sneak up on us and sometimes knock us in the head. Filing your income taxes early will avoid you making unnecessary mistakes because you’re in a rush, it will avoid you paying penalties and interest on monies owed, and it may even avoid you paying your accountant a premium to file for you.
Most lenders require a copy of your Notice of Assessment to prove that no taxes are owed in order to obtain mortgage financing. If you’re thinking of purchasing or re-financing your mortgage this year, be sure to get your taxes filed and any taxes owing paid now.