Tax Filing Deadlines: What You Need to Know
Home Tax Filing Deadlines: What You Need to Know
Tax Filing Deadlines: What You Need to Know
Meeting tax deadlines is crucial for every taxpayer to avoid extra charges like interest or penalties and to get any refunds quicker. Here’s a simple guide to the key dates for this tax season.
Key Points to Remember
- For most individuals, the deadline to file taxes is the end of April.
- Self-employed folks get until mid-June to file.
- Starting mid-February, you can file taxes online using NETFILE.
- Late filings might lead to extra costs.
When to File Your Taxes
Everyone should aim to file their tax returns by the end of April. If that day falls on a weekend, the Canada Revenue Agency (CRA) will extend the deadline to the next working day. You can start filing online from mid-February thanks to the CRA’s NETFILE system. Whether you’re mailing your return or filing it online, make sure it’s sent by the deadline to avoid penalties.
For those who are self-employed, the CRA allows a bit more time for filing, setting the deadline in mid-June. However, if you owe taxes, the payment is still due by the end of April.
Important Dates for Your Calendar
To keep your tax season smooth, it’s good to mark down all the important deadlines.
If you’re ready to get started, our tax expert from Orientum Group, has created a form for essential documents you’ll need.
Business Tax Deadlines
Business owners, particularly those running sole proprietorships or partnerships, should aim to file by mid-June if they follow the calendar year for their fiscal year. Corporations with a non-calendar fiscal year must file their returns six months after their fiscal year ends.
Deadlines for Final Returns
For those handling the final tax returns of someone who has passed away, deadlines vary based on when the individual died. If they passed away in the first ten months of the year, the deadline is the end of April. For those who passed in the last two months, the deadline extends to six months after their death. If the deceased or their partner was self-employed, the CRA extends the filing deadline to mid-June, though interest starts accruing from the end of April.
What If You File Late?
If you miss the deadline and owe taxes, the CRA will impose a penalty. This starts at five percent of what you owe plus an additional one percent for each month your filing is late, up to a year. Remember, the interest rate on overdue taxes has recently increased to 10%, which could significantly affect your finances.
For self-employed individuals, not meeting payroll obligations can lead to hefty penalties, starting at 10% for a first offense and increasing with further offenses. Penalties for late filings or payments begin at 3% and can reach up to 20%.
Installment Payments
To avoid a large tax bill all at once, you might make installment payments throughout the year. These are due in the middle of March, June, September, and December.
Filing Your Taxes Confidently
Whether you’re doing your taxes yourself, with professional help, or handing them off to us at Orientum Group, you can be sure your taxes are handled correctly.