Tax season is coming soon, and people in Prince Edward Island should know about a few key changes before filing this year.
Canadians can start filing on Feb. 23, and most people must submit their returns by April 30. This year, the Canada Revenue Agency will no longer automatically mail paper tax packages. Anyone who wants a paper copy can still order one by phone or download and print it at home. Spokesperson Sababa Hossain said most Canadians now file online because it is faster and reduces errors.
There is also a tax break for Island beef farmers affected by last summer’s drought. Accountant Michael Fitzpatrick says farmers who had to sell part of their breeding herds can delay paying tax on some of that income until next year. The rule, set by the federal government in Ottawa, applies if a herd was reduced by at least 15 per cent, helping farmers recover after extreme weather.
