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 
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CO: CIBC
ST: Ontario
NI: FIN  
-0- Apr/28/2014 15:45 GMT
 
 
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