Canadian non-filers could collectively get up to $1.6 billion this year in unclaimed tax benefits if an automatic filing system were to roll out, the federal fiscal watchdog says.
With tax season in full swing, Personal finance expert Rubina Ahmed-Haq joins Antony Robart to discuss how you can maximize your earnings, find unclaimed cheques and avoid filing your taxes late – Mar 28, 2024system would mean Canadians receive more than a billion dollars each year in currently unclaimed benefits from not filing their tax returns, according to the federal fiscal watchdog.
The PBO said in its report released Thursday that Canadians would get more than $1.6 billion in benefits this fiscal year if the automated tax filing system were to roll out and include all eligible individuals. That rises to $1.9 billion at the end of the five-year horizon in fiscal 2028-29.
The administrative costs to run the system would amount to $57 million in the first year of operation, according to the analysis.
Canada Revenue Agency Parliamentary Budget Officer PBO Canada Money
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