When Income Taxes are Due For Regular and Self-Employed Filers

The last day to file your tax return is April 30^th of every year as an individual and June 15^th for Self-Employed. If that date falls on the weekend, it will be due the following open business day.

NETFILE usually opens mid-Feb every year (dates vary from year to year). TurboTax is here to help you through the sometimes tedious process. We will help you maximize your return and get all the credits and advise of the deductions you may need to claim. Ultimately, we want you to avoid unnecessary penalties, so let’s make sure it’s done on time.

Starting early in January to get all your paperwork and slips together is the key to successfully filing on the deadline for all provinces, including Quebec.

You have to file an income tax return if:

• You have to pay tax for the year
• Want to claim a refund
• Want to claim the CWB, Canada Worker’s Benefit (formerly known as WITB – Working Income Tax Benefit) or if you received (CWB- (WITB)) advance payments in the year
• You or your spouse or common law partner want to begin or continue receiving the following payments (including any related provincial or territorial payments):
  • Canada Child Benefit (CCB)
  • GST⁄HST Credit
  • Guaranteed Income Supplement (GIS)

If you have a spouse or common law partner , they also have to file a return.

I Filed Late. Now What?

Unfortunately, there can be consequences if you miss the tax deadline. Please have a look at our blog on the cost of missing the deadline here.

Filing Deadline for Self-Employed Individuals

Although June 15^th is the deadline for Self-Employed individuals, if you owe the CRA money, it is due on April 30^th, no matter what. Otherwise you will incur interest and penalties starting on May 1^st. But if you are late filing, then the penalties are accrued starting on June 16^th onward.

Avoiding Interest and Penalties

The CRA charges a late filing penalty of 5% of the balance owed plus an additional 1% for each month late.

Paying Your Taxes Owed

To make it easier for you, the CRA offers options for you to make payment of your taxes owed.

• Through CRA My Account for Individuals and
• For My Account Business, where you can track payroll, GST/HST and other business taxes.

One big advantage of having an account online, is that if there are any issues, requests or concerns, you will receive an email from the CRA to advise of notices, letters, or information requests. Which will allow you to stay on top of any issues/concerns that may arise.

But if you choose to opt-out of having access to your information through these accounts, you may also make payment online using your personal banking, debit cards, credit cards and third-party services.

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.

Using TurboTax and the specially designed suite of products for self-employed Canadians, 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.  Additionally, TurboTax Self-Employed offers the full-service option to have the return completed for you by a tax expert, and Assist and Review, where a tax expert is available to answer questions and review your return before you file.

For Personal & Self-Employed Canadians, TurboTax has you covered!

Provincial tax brackets