The deadlines for filing your 2019 Canadian personal income tax return are:
April 30th if you have no business income, and June 15th if you are self-employed. That April 30th deadline is fast approaching!
What penalties will you face if you don’t file on time?
The CRA will charge 5% of your 2019 Taxes owing, plus 1% of the taxes owing for each full month the return is late, up to 12 months maximum. So, if you file your taxes in July, you will end up owing the CRA an additional 7% of your taxes owing—5% base, plus 1% for May and June. If this is not the first-time taxes have been filed late, then the CRA could increase that penalty to 10% of the balance owing, plus 2% per full month, up to twenty months!
If you’re self-employed, you don’t have to file taxes until June 15th—but if you end up owing taxes to the CRA when you do file, then they will start charging you interest on that balance from April 30th, not June 15th.
It is important to get your taxes completed on time. Contact us now and let us help you.
This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation, please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your circumstances.
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