Why filing your taxes last minute in Canada could be risky this year
Global News
The deadline to file your taxes and pay money owed to the CRA is just days away, and waiting until the last minute comes with heightened risk.
With just a few days left before the tax filing deadline, many Canadians are still waiting until the last minute to submit.
This tax year comes with new challenges, and experts say it is all the more crucial to file as early as possible.
The deadline this year for most individuals to file their returns is April 30 by the end of the day, in addition to paying any taxes owed.
Although the deadline to file for self-employed Canadians and their spouses or common-law partners is June 15th, they still must pay taxes owed by April 30.
“The important thing is to file your tax return on time so that you’re not considered a late filer,” says chartered professional accountant and GoFile software owner Daniel Toma.
“The penalty for filing late is substantial, and interest is incurred at CRA’s prescribed rate on a daily basis.”
The Canada Revenue Agency updated its online systems earlier this year to improve the way electronic documents are processed, but unfortunately there are still some bugs in the system.
Tax filers who may be kicking the can down the road until the deadline could be in for a surprise due to these technical issues, and in some cases could mean the process will take longer than expected.
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