Canadians have begun to prepare for tax season! To avoid surprises it is crucial to be aware of when your taxes will be due !!
Taxes in Canada must be submitted and paid off by April 30 🇨🇦. Taxpayers who are self-employed have until June 15 to file their returns, but must settle any outstanding balances by that same deadline .
For taxpayers who have a balance owing for the 2018 tax year, the deadline to pay their taxes is April 30, 2019. If you miss this deadline, interest, and late payment penalties will be added to your balance owing. For taxpayers who are unable to make their payment by April 30, the CRA offers a lot of payment options that can help with cash flow ️ 💵.
The CRA also offers a lot of payment programs to help taxpayers who owe money to the agency 💰 ️. These programs are designed to help taxpayers manage their debt and avoid getting into a difficult financial situation ️. They include a payment plan that allows taxpayers to spread their payments over time, in addition to financial assistance programs for those who are facing financial hardship ️.
Taxpayers who are expecting a refund should file their tax return as soon as possible 🔜 ️. Filing your return earlier ensures that you receive your refund sooner . The CRA typically processes most tax returns within 8 weeks of receiving them .
Plus to the April 30 filing deadline, the CRA has other important deadlines through all the year . These include:
• February 28 – This is the deadline for filing T4, T4A, and T5 slips .
• March 31 – This is the deadline for filing T3 slips .
• June 30 – This is the deadline for filing T1 returns .
• October 31 – This is the deadline for filing T2 corporation income tax returns .
• December 31 – This is the deadline for filing T1 adjustment requests .
Not meeting the CRA’s deadlines can result in penalties and interest . In some cases, you may even be subject to criminal prosecution if you fail to comply with filing deadlines.
Taxpayers who are expecting a refund should file their tax return as soon as possible 🔜 ️. Filing your return earlier ensures that you receive your refund sooner .
If a taxpayer is unable to make the deadline of April 30, they should call the CRA and request an extension ️. If you cannot meet the April 30 deadline, a tax professional or accountant will help you decide the best way to proceed ️.
It’s important to keep in mind that tax laws change from year to year . Keeping up-to-date on changes and filing deadlines is the best way to ascertain that you meet all of your tax obligations in a timely manner and avoid any unpleasant surprises ️ 🔛.
For more information about filing taxes in Canada and the deadlines associated with them, visit the CRA website or consult with a tax professional. Keeping on top of your taxes can help you stay on the right side of the law and in good standing with the CRA. !! .
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