It’s Officially Tax Season: Time to Get Prepared!

It’s that time of year again – tax season is upon us! In the coming weeks, Canadians across the country will be busy preparing to file their taxes for the 2024 year. Whether you’re an individual taxpayer or a business owner, filing taxes is an inevitable task, but it doesn’t have to be a stressful one.

Tax season may seem like a headache, but the good news is that for many, there’s a reward at the end of the tunnel: tax refunds! Millions of Canadians, across all income brackets, typically receive refunds after filing their taxes. In fact, the Canadian government paid out $43.8 billion in refunds to 19.1 million Canadians from February 8, 2024, to January 27, 2025, with an average refund of $2,295. 

 

But tax season isn’t just about getting money back—it’s also about accessing a range of benefits and credits that can improve your financial situation. When you file your tax return, you’re also putting yourself in a position to potentially qualify for various credits and government programs. The Canada Revenue Agency (CRA) uses your tax return to assess your eligibility for numerous benefits, such as the GST/HST credits and Canada Child Benefits.

For instance, in April 2023, over 12 million Canadians received $1.7 billion in quarterly GST/HST credits. And just a couple of months later, in June 2023, 3.4 million families received $2.2 billion in Canada Child Benefits, all based on what they reported in their tax returns. The more accurately you file, the better the chances of maximizing your benefits.

The importance of getting your taxes right doesn’t stop with individuals. Businesses also need to ensure their taxes are filed properly to avoid penalties and make the most of tax breaks. In fact, the accounting, tax preparation, bookkeeping, and payroll services industry has seen impressive growth in recent years.

In 2023 alone, this industry reached $28.2 billion in operating revenue, marking a 9.7% increase from the previous year. Taxation preparation and representation services were the largest source of sales for the industry, accounting for 28.4% of the total sales. More than two-thirds (68.7%) of accounting firms across Canada serve businesses, while the remaining firms provide services for individual Canadians, households, non-governmental organizations, and foreign clients.

Whether you’re a small business owner or an individual taxpayer, making sure your tax filing is accurate and timely can save you from headaches down the road.

 

We know that tax season can be a stressful time, but you don’t have to go it alone. At SAV Associates, we offer expert tax preparation services for both individuals and businesses. Our team of specialists is dedicated to helping you navigate the complexities of the tax system, ensuring you get the maximum return possible while minimizing the risk of errors.

 

If you’re ready to make tax season a little less stressful, contact us today. Let us help you get the most out of your tax return!