Typically, in Canada, April 30th is the deadline to file your personal tax return and pay any balance owing to the Canada Revenue Agency. This year, April 30 falls on a Sunday, so we have been graced with an extra day. This means that as long as your return is received electronically by the end of Monday, May 1, or your paper copy is mailed with a post date earlier than May 2, your return will not be considered late. Filing your personal tax return late can result in a penalty of 5% of your balance owing, plus an additional 1% for every month that you file after the due date.
If you are a self-employed individual, or your spouse or partner is self-employed, your filing deadline is extended to June 30th. Not that if you have a balance owing, that amount is still due at the end of April and will be subject to interest if it is paid after that.
If you can not afford to pay your taxes in full, you should still file on time as that will save you having to pay the extra late filing penalty. You can contact the CRA and let them know you are unable to pay in full and they will work with you to create a payment plan. Making a partial payment will at least reduce the total amount owing that you will pay interest on.
We want to thank all of our clients for working with us this year and trusting us to handle your personal tax returns. We also thank you for your patience and understanding if we were a little slow to get back to you on non-tax-related issues. This is a stressful time for tax preparers and having clients that are prompt to respond to questions or provide additional documentation really does help make the season less stressful.
Because we mostly cater to business clients, we still have a number of returns that we are working on for self-employed individuals. While we are over the tax return hump, we are not past the finish line yet. But for the most part, we are looking forward to getting back to business as usual, concentrating more on business year-end returns and helping our construction and professional service industry clients find ways to help their businesses run smoother.
Our 2023 Tax year stats as of April 30, 2023:
Our team worked hard this year whether they were preparing the returns, communicating with clients, or filing the paperwork. So a BIG THANK YOU goes out to Fabien, Joanna, Glen, Naomi, Paul and Carolyn as well.