Missed the tax deadline? Here’s what you need to know.

May 1, 2024

It happens – April is a busy month and suddenly, the April 30th tax deadline has come and gone. Now what?

Tip number one – breathe. We’re going to walk you through the next steps and how to get your taxes completed with minimal to no penalties.

If you’re self-employed, you haven’t missed the filing deadline yet. For those who work for themselves, the deadline is June 17, 2024. If you owe money, though, that was due on April 30th, so the below still applies to you.

First, gather your documents and bring them to an H&R Block office. Most of our offices are open after the tax deadline. Check out our office locator to find an open office near you. Book an appointment today, or walk-in anytime.

You can also upload your documents from anywhere and have a Tax Expert prepare and file your return remotely. Or you can file yourself with our tax software.

To get a rough estimate of how much taxes you’ll owe or what your refund might be, use our tax calculator. If you’re getting a refund, then you don’t owe taxes and won’t have any late-filing penalties. But – you won’t get your refund until you file. This can also include monthly or quarterly payments, such as the Canada Child Benefit or the GST/HST payment.

You also need your tax return to get approved for a mortgage or take out a loan, so it’s important to make sure your taxes are filed every year.

What happens if you file your taxes late in Canada?

If you owe money and don’t file on time, the late-filing penalty charged by the CRA and Revenu Québec is 5% of your balance due, plus 1% interest for each full month that your return is late, up to a maximum of 12 months.

If you can’t pay the taxes you owe, the CRA will accept late payments, but you’ll be charged compound daily interest on all amounts due. Your best bet would be to contact them and work out a payment plan or instalments.

It's important to note that late-filing penalties are doubled if you’ve already been charged a late-filing penalty for 2020, 2021 or 2022 and the CRA issued you a formal demand to file for 2023. The late-filing penalty will be 10% of your balance and an additional 2% for each full month that you file after the due date.

What if you filed your taxes, but now realize you made a mistake, and actually owe taxes?

The CRA has a program for just that. It’s called the Voluntary Disclosure Program. If you come to them before they come to you with the error, they’ll evaluate on a case-by-case basis if your mistake can be forgiven (from persecution or penalties, not… emotionally. They’re not personally offended).

If you still need to file your taxes, H&R Block Tax Experts are here to help! Find an office near you to book an appointment today.

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