Canadians have to file their personal income taxes by tonight.
Interest on money owed kicks in after that day.
Gerry Vittoratos, a tax specialist at UFile Canada, says it is important to meet that deadline, even if you think you are getting a refund.
“The government’s in no rush for you to file your return by April 30th if they owe you,” says Vittoratos.
“Even if you file after April 30th, there’s no penalty for it. The penalties and interest only apply if you have a balance owing with the government. But that’s what I always recommend to people to file early one way or another.”
However, Vittoratos says the longer you file, the longer it will take to get the refund if you are owing.
“That could be money you could be using for something more productive than to have it in the government’s hands,” says Vittoratos.
He says that while most people receive refunds, there is always the chance that one could owe money.
Extra money that was unaccounted for or a huge capital gain could influence the final numbers.
Vittoratos says the earlier one files, the easier it will be to prepare for payment.
“You don’t want to wait at the last minute.”
Vittoratos notes that with online filing, all T-slips are easily obtained from the Canada Revenue Agency’s website.
Tax programs can access them, making filing simple.
Vittoratos notes that self-employed Canadians have until June 15th to file, but if they owe money, interest is applied dating back to April 30th.
Unlike other countries, CRA is not as strict when it comes to filing.
However, if someone has not filed for over three years, the Agency can take action that can include hefty penalties, garnished wages, frozen accounts, and loss of government benefits.
