07 Jul Late filing your tax returns?
Personal Income Tax
Your Personal income tax return for 2020 has to be filed on or before April 30, 2021, meaning if you haven’t filed yet, your return is late. This doesn’t mean you should further delay as filing late may mean being charged interest and penalties and a disruption of your benefit and credit payments such as GST/HST credit, Canada child benefits and/or Old Age Security benefits
Sole Proprietor (Self Employed Individuals)
If you or your spouse or common-law partner carried on a business in 2020, your return for 2020 was to have been filed by June 15, 2021. However, if you have a balance owing for 2020, you have to pay it on or before April 30, 2021.
Corporation Tax Return
Corporations must file a corporation income tax (T2) return every tax year even if there is no tax payable. This includes non-profit organizations, tax-exempt corporations and inactive corporations.
Interest and penalties on late taxes.
You will be charged interest on any taxes you owe, if you pay late. Also, if you have a balance owing and file your tax return late, you will be charged a late-filing penalty. Don’t delay; do it now.
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