Time running out before the tax deadline? 5 tax tips to consider in the last-minute crunch

 Time running out before the tax deadline? 5 tax tips to consider in the  last-minute crunch  CIBC offers expert tax tips Canadians should consider before filing their taxes  TORONTO, April 28, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) - With tax-filing  mistakes typically costing Canadians more than $1 billion in extra taxes,  Jamie Golombek, Managing Director, Tax and Estate Planning at CIBC, offers  five tips to consider before the extended May 5 deadline.  "Preparing taxes can be overwhelming for many Canadians, and pressure is added  as the filing deadline draws closer," says Mr. Golombek. "Crunch time often  means errors and oversights which can easily be avoided."  Here are five tips Canadians can review before filing their taxes:  1. Pay on time  If you were unable to file your 2013 income tax return on time due to  temporary service interruptions related to the Heartbleed bug, you have until  midnight on May 5, 2014 to file your return and pay the balance owing to avoid  late-filing penalties and interest charges. If you are self-employed, you (and  your spouse or partner) have until midnight on June 16, 2014 to file your 2013  returns, and you must pay any balance owing no later than May 5, 2014.  2. Pay online or through pre-authorized debit  If you have a balance owing, instead of mailing a cheque, you can make a  payment to the CRA by visiting your bank in person or through online banking.  This year, the CRA has introduced a new pre-authorized debit option (PAD) that  authorizes the CRA to withdraw a pre-determined payment amount directly from  your bank account, either on a one-time or recurring basis, to pay your taxes.  3. Make sure the CRA has your most recent address and banking information  If you're starting a new direct deposit request or changing bank information  that's already on file with the CRA, it's easy to do on your tax return.  However, you can also use the My Account service at the CRA website to submit  your change request. Don't forget to leave your old bank account open until  payments start being deposited to your new account.  4. Double check that you've included all income from all sources  To avoid penalties for under-reporting income, make sure you've included all  your income. Check for missing income by comparing 2013 tax slips and income  to prior years, and amounts on 2013 tax slips to other documents such as  investment statements. And, check if a tax deduction or credit is allowed  before making a claim.  5. If you're getting a refund, start thinking about your investment plans  A lot of effort goes into preparing taxes, but many Canadians don't take the  time to think about what they're going to do with their refund. Often it just  gets "parked" in chequing or savings accounts. If you're planning to invest  your refund longer term, speak with your financial advisor about your  investment options.  "These tips will help Canadian taxpayers file their 2013 tax return  efficiently, without unnecessary costs - and with more peace of mind," says  Mr. Golombek.  To view Mr. Golombek's tax planning reports, please visit:  www.cibc.com/ca/advice-centre.  About CIBC  CIBC is a leading North American financial institution with nearly 11 million  personal banking and business clients. CIBC offers a full range of products  and services through its comprehensive electronic banking network, branches  and offices across Canada, and has offices in the United States and around the  world. You can find other news releases and information about CIBC in our  Media Centre on our corporate website at www.cibc.com.    SOURCE  Canadian Imperial Bank of Commerce   Caroline Van Hasselt, Director, External Communications, 416-784-6699 or   caroline.vanhasselt@cibc.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/April2014/28/c5464.html  CO: CIBC ST: Ontario NI: FIN