By CAROLYN HALFHIDE

TAX DISCOUNTERS have
recently been advertising
their services. [| understand
that they will process my in-
come tax return and that |
will receive a cash refund tm.
mediately Can you tell me
more about tax discounting?

Answer

Tax discounters are domg
a brisk business paying
customers cash and later
keeping up to PS per cent of
customers’ tax refunds - but
the Consumers’ Assocation
of Canada has a number of
oncenns about the practice

( anadians should be aware
tha. the pomp rate charged by
tax discounters as very high
Ita. essentially a very high tn-
terest short tetm loan The 15
por vent of refund charged by
han diy counters as) the
rquivalent of a 62.8 per cent

Eaton's,

annual interest rate, accor-
ding to a Consumer and Cor-
porate Affairs Canada
calculation. People who can
least afford it — such as low
income Canadians — are giv-
ing up 15 per cent of their
total tax refund.
Taxpayers should consider
the following alternatives.
Taxpayers who use the dis-
counter service to get help
with thelr income tax forms
can, instead, contact the
nearest Revenue Canada of
fice and get help free of
charge Revenue Canada
staff wall assist any taxpayer
who has difficulty filling out
his or her return. You can ask
questions and get the infor
mation you need to fill out
your own teturn We urge
anyone who feels confused
by the tax form to do this
Your community may
have sooal service agencies
or voluntary groups which
provide free of inexpensive
assistance in fillang out tax

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returns (9 low income people.
Inquire whether such a ser-
vice is available in your
community.

There is genera! confusion
about how complicated the
income tax forms are. Some
people with very straight.
forward returns believe they
cannot fill them out
themselves The recent
publicity over Revenue
Canada procedures and prac-
tices hasn't hetped to tm
prove taxpayers confidence

Many peopic use the tax
discounter service because
they want of naced cash im
mediately and feel they can
not wait unl the refund ar
tives inthe mail The average
watts at least B weeks, accor
ding to Revenue (© anada

In CAC 's view, one of the
best ways to get your refund
quickly is to file carly If you
file catty. you avoid (he cush
and teceive your refund that
much sooner all LOO) per
centoof ut

4

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