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British Columbia

Tax deadline: 3 tips to make your life easier

Vancouver tax lawyer Allison Suter discusses ways to make the yearly event a little more pocket friendly.

The deadline to file your taxes to the Canada Revenue Agency is Sunday, April 30

Tax forms
Filing your own taxes can be made significantly easier by filing online and numerous web-based tax filing programs are being recommended by the Canada Revenue Agency. (Chris Young/Canadian Press)

It's tax time.

The Canada Revenue Agency'spersonal income tax filing deadline lands on April 30.And while many Canadians have long filed their documents, the rest have put off their annual date with the tax man due to fears, resignation, or reluctance.

But according to Vancouver tax lawyer AllisonSuter,there areways to make the yearly event a little easier on your pocketbook.

She joined host Gloria Macarenko onCBC's BC Almanac to share some tips that can make tax season more manageable.

1. Filingonline

One of the simplest ways to save money during tax season starts long before your documents are even filed.

"This year, about eightmillion Canadians will file their own tax returns online," said Suter. "Sixteenmillion people will still go to a tax preparer."

There are a plethora of online-based tax filing applicationsthat are free and easy to use. Free versions of Turbotax are recommended by the CRA for the 2016 tax year, as well asthe Vancouver-based Simpletax.

Suter says Simpletaxeven suggestsdifferent rebates and credits that you might qualify for, based on the program's questionnaire. The platform constantlydisplays how much money auser owes or will get back,so there's no surprises after you've filed.

2. Employment expenses

If you find yourself spending a good chunk of change for employment purposes, there's a good chance you get some of it back.

"If you're eligible for employment expenses, or your spending a lot of your own money on stuff for your job, there are certain things that are deductible," she said. "But your employer does need to sign off before you submit your return."

Working a job that requires yourown tools, vehicle, or gasoline might mean you're eligible to file employment expenses. Talk to your employer about form T-2200.

3. Beware of shortchanging the tax man

Dodging the tax man altogether might be the easiest way to save a few extra dollars but Suter says it isn't worth it.

"If you get caught eventually [not claiming income], there can be penalties and they're fairly severe," she said.

"If you don't report income for two out of any four years, you can be subject to what's called a repeated failure to report income penalty. And that can amount to 10per cent of the unreported income."

Not reporting income from anAirBnb ora rental property, for example, can result in these fines.

"Lets say you didn't report $10,000.Your penalty is going to be an extra$1,000 on top of the tax that you didn't pay and the interest on the tax you didn't pay."

The CRA currently uses algorithms in an attempt to monitor and thwart tax evasion. Reports suggest the agency is increasingly turning to cutting-edge data analysis techniques to improve service and 'compliance'

"They certainly are trying to crack down."

With files from CBC's BC Almanac