The April 30th tax filing deadline has now passed, but it’s not too late to file. Regardless of whether you are going to get a refund or have a balance owing, it is always a good idea to file as soon as possible.
TurboTax and NETFILE Are Still Available
You’ll still be able to use TurboTax to get your income tax done the easy way; when you use TurboTax, you get guided through every step of the tax completion process and get to quickly NETFILE your return from directly within the program.
So The Deadline Doesn’t Matter Then?
It might. The later you file your income tax return, the later your monthly benefit payments will arrive, because the net income shown on your tax return is used as a factor to determine your eligibility for various benefit programs.
So if you have received or hope to receive payments such as Canada Child Benefit payments, Old Age Security benefit payments, and/or GST/HST credits, you’ll want to get your income tax done and filed as soon as possible.
If you have a balance owing, you will be subject to late filing penalties and interest. The Canada Revenue Agency offers a number of different payment options. If you have a large balance owing, you can ease the burden by paying through installments.
Help Getting Started
Have you been putting off doing your income tax because you think you just don’t have to the time to get it done? TurboTax makes doing your income tax as fast and easy as possible.
But the process will be even speedier if you have all the information and tax slips you need by your side when you sit down to use it. This handy Tax Preparation Checklist will ensure that you have every piece of information you need to breeze through it.
The sooner you get that tax return done and filed, the sooner that refund and those tax benefit payments can arrive and the less interest you will have to pay.