Have you left filing your taxes to the last minute?
The last day to file your 2018 income taxes is April 30, 2019.
We hope you haven’t! Do you know the last day for filing income tax returns in Canada? Here are the key dates you need to know to file your tax return on time with the Canada Revenue Agency (CRA).
2019 Tax Deadline for Personal Returns
April 30th, 2019 is the deadline this year for filing your personal tax return to the CRA. When April 30th falls on a weekend or holiday, the deadline moves to the next business day.
If you’re a resident of Québec, the deadline to file your Québec tax return to Revenu Québec is also April 30th.
I Filed Late. Now What?
Unfortunately, there can be consequences if you miss the tax deadline. Check out our post The Heavy Price of Late Tax Returnsabout the implications of filing late for more info.
In most cases, the CRA requires taxpayers to submit their annual income tax returns by April 30 of the following year. For self-employed individuals, however, that deadline is extended to June 15. That said, you may not want to wait that long, as on April 30 the CRA begins charging interest on taxes owed.
Due Date for Tax Payments
Although your payments are not considered late until after June 15, the CRA applies interest on any amounts that you owe starting on April 30, regardless of when they receive your return.
Filing Deadline for Self-Employed Individuals
The CRA requires self-employed individuals to submit their income tax returns by June 15 of each year, and if that date falls on a Sunday or a holiday, the due date is extended to the following business day. For example, in 2017, June 15 was on a Sunday, so self-employed individuals had until Monday, June 16 to submit their income tax returns.
Late returns are subject to a late filing penalty, but interest begins to accrue on the balance even before the due date.
Avoiding Interest and Penalties
The CRA charges a late filing penalty of 5 percent of your balance owed plus an additional 1 percent for each month late. As long as your return is filed by the June 15 deadline, you don’t have to worry about these penalties. However, you still have to worry about interest. Also note that the agency’s interest rate changes every 3 months.
If you want to avoid interest and penalties on your income tax return, be sure that you know the due dates each year, and if you anticipate owing taxes, consider completing and submitting your return by April 30, 2019.
Paying Your Taxes Owed
To make organizing your tax information and payments easy, the CRA offers My Account, an online portal where you can check your benefits, credits, and other tax issues. They also offer My Business Account, where you can track payroll, GST/HST, and other business taxes.
Through these accounts, you can stay on top of due dates and keep apprised of other vital information. However, without either of these accounts, you may still make early payments to the CRA using online banking, debit cards, credit cards, and third-party service providers.
If you have an account at a participating financial institution, you can send money to the CRA in person from your local branch. Alternatively, you can send the payment either by mail or by online transfer.
Keep in mind that you do not have to pay everything at once. If you only have part of the tax you owe, pay what you can and then pay the remainder later. This helps you to avoid some of the interest payments.
Using tax preparation software designed for self-employed taxpayers takes the guesswork out of taxes. With step-by-step instructions and easy-to-follow guides, TurboTax Self-Employed is the only software in Canada made just for you.
2018 Provincial tax brackets
- Alberta Tax Brackets
- British Columbia Tax Brackets
- Manitoba Tax Brackets
- Newfoundland and Labrador Tax Brackets
- New Brunswick Tax Brackets
- Northwest Territories Tax Brackets
- Nova Scotia Tax Brackets
- Nunavut Tax Brackets
- Ontario Tax Brackets
- Prince Edward Island Tax Brackets
- Québec Tax Brackets
- Saskatchewan Tax Brackets
- Yukon Tax Brackets