Average refund for 2007 tax year increases almost $200 over last year
Ottawa, Ontario, May 30, 2008... The Honourable Gordon O'Connor, Minister of National Revenue, today announced the average refund for the 2007 tax year is worth approximately $1,440 to Canadians-an increase of almost $200 per person since last year.
"As a result of our government's various tax relief measures, income tax refunds are up significantly this year," said Minister O'Connor. "Thanks to measures such as the children's fitness tax credit, the public transit amount, and pension income splitting, Canadians everywhere can use that money to save, invest, or spend it on things they need."
Since 2006, the government has announced nearly $200 billion in tax relief over 2007-08 and the following five years.
The Canada Revenue Agency's (CRA) results show the majority of Canadians continue to choose electronic filing as their method of choice. In fact, the number of people filing electronically increased by 7.2% this year. Electronic filing is the fastest and easiest way to prepare and file tax returns. The most popular methods include sending a tax return over the Internet using NETFILE, or taking it to a tax preparer who sends it electronically through EFILE.
With the filing season now complete for most Canadians, the CRA would like to remind self-employed individuals, and their spouses or common-law partners, that they have until midnight on Monday, June 16, 2008, to file their income tax returns. If they had an outstanding balance for 2007, it had to be paid on or before April 30, 2008, to avoid interest. A late-filing penalty on amounts owing will apply to returns received or postmarked after June 16, 2008.
For more information about the CRA's electronic filing services, visit www.cra.gc.ca/eservices.
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