Last-Minute Filing Tips for Today’s Tax Deadline
The tax deadline day is today! Haven’t filed yet? Don’t fret just yet, there’s still time to get your return filed and avoid any costly late fees and penalties. Here are a few things to keep in mind if you’re scrambling to file your return last minute this year.
File By Midnight Tonight
As a self-employed individual, both you and your spouse have until June 15 to file your returns, but any money owed to the Canadian Revenue Agency is still due today.
As long as your payment is received before midnight tonight or postmarked for May 1, the CRA will consider your payment to have been made on time.
If you are filing last-minute today to beat the deadline your best bet is probably to use the CRA’s online tax-filing service NETFILE.
It’s Better to File Something Rather Than Nothing
Even if you are missing a key piece of paperwork or are unsure of exactly how much money you made last year, not filing a return at all is never the right answer.
Instead, estimate and make a best guess of your income and file a return anyways to avoid paying the late-filing penalty (which can range anywhere from five to 10 per cent of the amount you owe).
Once you get more organized and have the proper information collected you can always file an amended return. Just keep in mind you will still have to pay interest on any balance owing if your taxes end up being higher than what you paid.
Don’t Be Afraid to Ask For Help
Tax rules are complicated enough to begin with. Add in the pressure of trying to file your return right on deadline and the whole task can quickly become overwhelming.
To ensure your deductions are maximized and your return is filed accurately, it’s best to leave the number crunching to an experienced small business accountant.
Don’t be afraid to give us a call here at Blue Sky if you need any last-minute help or have questions about your return: 289-466-5210