Tax personality quiz – Eager Beaver

There's something immensely satisfying about getting things done early—whether that's arriving early at a concert to snag the best seats or finishing an assignment while everyone else is still scrambling. Some people get that same rush by doing their taxes early. Clicking “submit” and crossing that task off your to-do list can feel cathartic—and if you're expecting a refund, you could get your money sooner.

If that sounds like you, then you might be pre-crastinating, a concept coined by a team of psychologists back in 2014. Pre-crastinators are anxious to get things done as quickly as possible, even if there's a cost to doing so: extra effort, poorer results, higher prices, or even less efficiency.

Rushing to complete something may look like impatience or impulsiveness, but studies have shown that pre-crastination likely comes from a desire to lighten our cognitive load. Once a task is done or a decision is made, it's one less thing to remember or think about. At least, that's the hope. Pre-crastinators may end up regretting their actions, whether it's a hastily sent email, over-filled grocery basket, or overpaying for something simply to cross it off their to-do list.

Pre-crastinators can work smarter, not faster, by pausing, prioritizing, and planning. Instead of responding to individual emails the moment they come in, for example, schedule a few times a day when you'll write more thoughtful responses. List your most important tasks each week and give them the time and consideration they need. Use digital tools like calendar and scheduling apps to block off the time and to better distribute your workload. You may find yourself more productive, because you're not wasting time fixing errors or redoing things you started too early.

Precrastination and taxes

When it comes to your taxes, being overly eager can increase the chance of making mistakes, missing a valuable tax deduction, or filing before you've received all your tax slips.

Of course, there's nothing stopping you from filing your return the instant the Canada Revenue Agency (CRA) opens NETFILE, its online tax-filing portal, typically in the last week of February. There are certainly benefits to filing early—you can get the task off your plate and perhaps receive your tax refund sooner. Still, if you slow your roll (just a little), it could pay off big-time, financially and mentally. Plus, you'll have more time to double-check the details and even get expert help—and spare yourself from potentially having to file an amendment.

Below, you'll find a tax-filing checklist and tips that complement your Eager Beaver energy. They'll help you file your tax return quickly and accurately the first time around—and get every dollar you deserve.

Tax prep checklist for Eager Beavers (early tax filers)

Collect your tax slips and receipts

Even the most organized among us can overlook a tax slip or two. Here's a checklist to help you take inventory before you prepare your taxes. Tax slips should be available by the end of February, except where noted.

• Tax slips
  • T4 and T4A slips for employment income (in Quebec, also RL-1 slips)
  • T4 slips related to registered accounts: T4RSP, T4RIF, T4FHSA (in Quebec, also RL-2, RL-2, and RL-32 slips, respectively)
  • RRSP contribution receipts (tax slips for RRSP contributions made in the first 60 days of the year may not arrive until May)
  • T5 slips for investment income (in Quebec, also RL-3 slips)
  • T3 slips for trust income allocations and designations (in Quebec, also RL-16 slips) (arrive by the end of March)
  • T2202 slips for tuition and education fees (in Quebec, also RL-8 slips)
  • T5013 slips for partnership income (in Quebec, also RL-15 slips) (arrive by the end of March)
  • Other tax slips, if applicable to your situation (such as EI, OAS, CPP, or social assistance benefits)
• Charitable donation receipts
• Medical expense receipts
• Child care expense receipts
• Moving expense receipts, if you moved 40 kilometres or more for work or school
• Home renovation receipts, if applying for the Home Accessibility Tax Credit or Multigenerational Home Renovation Tax Credit (see all home-related tax deductions and credits)
• Other expenses and federal tax credits and deductions you may be able to claim (see the complete list):
  • Student loan interest
  • Tuition tax credit
  • Work-from-home expenses (requires a T2200 form from your employer)
  • Self-employment and business expenses
  • First-Time Home Buyers Tax Credit (if you bought your first home)
  • Disability supports deduction
  • Canada caregiver credit
• Provincial/territorial tax credits and deductions (for example, Quebec's solidarity tax credit)

If you're missing any tax slips, check if they've been uploaded to your CRA My Account. If you don't yet have one, you can open a CRA My Account online. You will need a valid Social Insurance Number (SIN).

Tips for early tax filers

• Know your tax deadline. The tax-filing deadline is April 30 (or the next business day, if that date falls on a weekend) if you owe tax. If you or your spouse or common-law partner is self-employed, your filing deadline is June 15 (or the next business day, if that falls on a weekend), but any taxes you owe are due on April 30.
• Update your information with the CRA. If your mailing or email address, phone number, name, or marital status has changed, you must notify the CRA. You can also adjust direct deposit details (for payments and refunds), language and mail preferences.
• Choose your tax software. The vast majority of Canadians file their tax returns electronically. Look for tax software that's NETFILE-certified (such as TurboTax), to ensure it's compatible with the CRA's tax-filing portal.
• Find your NETFILE access code. If you use tax software, NETFILE may ask for this eight-digit code, which is on your previous year's notice of assessment. (If you've used the tax software before, the number may be saved in your profile.)
• Complete your tax return. Take your time, and take advantage of software features like TurboTax's “Auto-fill My Return,” which imports your personal and tax info from your CRA account, saving you time and reducing the chance of errors. TurboTax will then walk you through your return by asking questions and completing the right forms. Plus, TurboTax automatically searches 400+ credits and deductions for you. If you want added reassurance or need more support, you can book a TurboTax expert review, too.
• Double-check the details. Review your list of tax slips, credits, and deductions and make sure they're part of your tax return. TurboTax has a handy “Detailed Tax Summary” page that makes it easy to see this info and compare it with your previous year's tax return and see if you've missed anything.
• Submit your return toNETFILE. The CRA opens access to NETFILE in mid- to late February.
• Pat yourself on the back for filing early! Nice work.
• Set yourself up for success next year. Take advantage of tools like expense-tracking apps that scan and categorize receipts.

File your taxes early and correctly

Check “file taxes” off your mental to-do list! Eager Beavers file early and get their tax refunds sooner, too. TurboTax will help you get the job done quickly, easily, and accurately.

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