The tax filing deadline is quickly upon us.
Because April 30 is on a Saturday, the deadline is now Monday, May.
Paul-Noel Murphy is a spokesperson for Canada Revenue and says it’s if you do owe money it’s important to meet the deadline.
“The important thing is to file right by the deadline, and then you’ll avoid the late-filing penalty,” states Murphy.
“Now the next step is if you have taxes payable and you don’t pay it in full by the deadline, and then you can be charged arrears interest and that will kick in a day after the return is due.”
Murphy says if you can’t pay all of your taxes on time, CRA can work out a payment arrangement.
“The crucial point is if you can’t afford to pay, you still need to file on time to avoid that penalty you can give us a call after your return is assessed and we can talk to you about making a mutually acceptable payment arrangement.”
Murphy adds that it’s important to file, even if you don’t owe money, because any credits and benefits, like the Carbon Tax Credit which will be issued by cheque or direct deposit this year for the first time, could be interrupted if you don’t file on time.
