Your Tax Deadline
When are taxes due, you ask?
The most common tax query on the internet is when are taxes due? And the answer is pretty simple, so get ready to mark your calendar. The deadline to file personal income tax returns in Canada usually falls on the last day of April – April 30th. This can vary from year to year depending on whether April 30th falls on a weekend. If that happens to be the case, the deadline becomes the Monday following April 30th. So, the latest you can expect the deadline to be on any given year is May 2nd if April 30th should fall on a Saturday.
How does that vary for self-employed Canadians?
Raise your hand if you’re self-employed – you can breathe a sigh of relief for a little longer. Tax returns for self-employed Canadians and their spouses must be filed by June 15th. But before you get too excited, be aware that any amount owing must still be paid by April 30th. If you do end up owing money and you don’t pay it by April 30th, you won’t be charged a late fee, but you will be charged interest on the amount you owe.
Why file on time?
There’s ample time to get your docs in a row and file by the deadline, and no excuses for missing it. The Canada Revenue Agency (CRA) doesn’t care about what else you have going on in April, and they don’t give out extensions. So be sure to file on time to avoid late fees and penalties. Plus remember, the sooner you file, the sooner you can get your refund.
The tax filing window is getting shorter each year, so it’s in your best interest to get organized as soon as possible. This year, the CRA had the latest e-filing opening since its introduction in the early ’90s. What was previously an 11-week time span to file your taxes was reduced to nine weeks. If you’re a procrastinator when it comes to filing taxes, losing two weeks can be dire. That doesn’t mean you can’t get organized before the CRA opens and H&R Block can still provide you with an estimate of how much you can expect to get back.
A tax expert at H&R Block can help you prepare your taxes. Find an office near you, or if you’re ready to file, do it yourself with our free online software.