Tax Deadline Soon Here

By 250 News

Don’t let anyone fool you.  

Today may be the 30th of April, but if you owe money on your income tax,  you will have until tomorrow to file that tax return without fear of penalties.

The rule is, when the  30th falls on a weekend,  the deadline skips over to the next business day.  But as  folks crunch numbers, some other  numbers to note.  

20% — The percentage of the average total household budget spent on personal income taxes in 2004.

$63,640 — The average total amount spent by households in 2004.

49.4% — The increase in federal tax on personal income from 1990 to 2002.

$61,800 — The median after-tax income of all families in Alberta in 2004, the highest in Canada. 

$40,700 — The median after-tax income of all families in Newfoundland and Labrador in 2004, the lowest in Canada. 

6,002,350 — The number of taxfilers who contributed to an RRSP in 2004. 

$28.8 billion — The amount of RRSP contributions in 2004

25% — The percentage of taxfilers who claimed charitable donations. 

$88 billion — The amount of Canadian assets in Offshore Financial Centers  ( tax havens) in 2003.

994 — The number of offences against the federal Income Tax Act in fiscal year 2003/04. Of these, 666 (or 67%) received a guilty verdict.

The offences include not filing a completed and signed income tax and benefit return (or tax evasion); evading compliance and or payment imposed; and all other offences pertaining to the Income Tax Act. 

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