For many Canadians, Wednesday is the final day to file your taxes which is very essential if you should keep away from late penalties and curiosity on quantities owing.
The deadline for self-employed employees to file to the Canada Revenue Agency is June 16, although curiosity on any excellent balances start accruing after at present.
Late tax filers might see a 5 per cent penalty on their stability owing and an extra one per cent for every full month that they delay submitting after the due date, to a most of 12 months.
Tax consultants say it’s nonetheless essential to file your taxes on time even in the event you can’t pay the quantity owing so as to keep away from a good increased invoice from late-filing charges.
This tax season was mired in confusion over the Trudeau-led authorities’s proposed capital positive aspects inclusion price hike, which was later cancelled by Mark Carney when he took over as prime minister.
The CRA estimates it’s going to in the end obtain greater than 20 million tax returns this yr.
© 2025 The Canadian Press
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