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April 26, 2021

What's the dumbest tax mistake you've made?

By the end of this week, Canada breathes a collective sigh of relief.

Because, when the Apr. 30 tax deadline comes and goes, it’s like a great burden off our shoulders. Akin to Roy Halladay looking at the Phillies’ schedule last month and seeing he’d face the Nationals, Astros, Marlins and Braves to start the season.

Though, if you’re one of the millions of Canadians who haven’t yet filed their taxes, there’s a chance your hasty filing will lead to a boner of a mistake. The purpose of this post, then, is to act as a cleansing forum for us all …

We ask: what is the dumbest tax mistake you’ve ever made?

According to numerous sources, such as the Globe and indie websites like FinancialHighway.com, the critical errors Canadians can make on their tax filings are plentiful.

And they’re not just generic, big picture screw-ups like “I missed the filing deadline” or “I hired Rahim Jaffer to run my books” that cause the largest tax mistakes.

Usually, it’s something stupid that dooms our filings. In fact, of FinancialHighway’s Top 10 Common Tax Filing Mistakes, at least four gaffes are the tax equivalent to spelling your name wrong on the SATs:

-Wrong Social Security Number (Update: Author is an idiot, meant Social Insurance Number - JB.)
-Wrong ID numbers
-Incorrect address
-You forget to sign your return

Those sound familiar? If so, odds are you’ve made a dumb tax mistake or two.

Then tell us, Canada. What’s your dumbest tax mistake ever?

By Jason Buckland, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...