Tax Tips Category

Tax Tips for your personal and business needs.

Missed the personal tax filing deadline?

The deadline for tax filing has passed, but there are still a few important things to know or keep in mind:

  1. Late filing penalties are 5 per cent of the balance owing plus an extra one per cent of the balance for every month the return is late, for a maximum of 12 months.

  2. If you have filed late in the past three years, the penalty doubles: 10 per cent of the amount owed plus two per cent per month to a maximum of 20 months.

  3. If you have been ill or there are other circumstances beyond your control that kept you from filing on time, you can apply for a break.

  4. Penalties apply only to those who owe taxes; nonetheless if you have filed late, your refunds may be delayed.

  5. Business Owners and spouse: if you (or your spouse or common-law partner) carry on a business, you have until June 15 to file your return, but you still have to pay any balance owing by April 30.

  6. Keep your records! You need to keep your records for at least six years to support your claims, in case the CRA selects your return for review.

Source: Canada Revenue Agency.


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