Revenue canada last day to file taxes

By Eric Stober Global News. Posted April 29, pm. Updated April 30, am. Smaller font Descrease article font size - A. Share this item on Facebook facebook Share this item via WhatsApp whatsapp Share this item on Twitter twitter Send this page to someone via email email Share this item on Pinterest pinterest Share this item on LinkedIn linkedin Share this item on Reddit reddit Copy article link Copy link.

Trending Stories. On top of that, the tax agency will charge compound daily interest on your unpaid taxes, also starting May 1, You can look up the rate of interest on the canada. The interest relief will be in place until April 30, , the tax agency said. However, you still have to file your return by the deadline to avoid the late-filing penalty. Also note that the interest relief only applies to any taxes owing, not tax debt from previous years.

If you must borrow, the ideal course of action would be borrowing from a low-interest loan or line of credit to pay off your tax bill and then setting up a payment plan for yourself to extinguish your debt as soon as possible, Ahmed-Haq says. However, the CRA will still charge daily compound interest on any balance owing after May 1 until you pay your balance in full. The U. And in Canada, Revenue Quebec said it will not start charging interest or imposing penalties until May 31, Still, Ball says many professional tax-fillers are under tremendous strain this year.

Moving to Canada or visiting on a working holiday? It pays to know a little about your tax obligations! Here are some quick tips to help you. Are you a resident or non-resident? Because this factor will affect what taxes you pay in Canada. Everyone who works in Canada will pay income tax on their earnings but there is a tax-free allowance.

Residents are taxed on their worldwide income and while non-residents must declare all their income, including worldwide, they only pay tax on income earned in Canada. Generally you will be considered a non-residents for tax purposes if you normally, customarily and routinely reside in another country. You will most likely be considered a resident for tax purposes if Canada is the place where you, in the settled routine of your life, regularly, normally, or customarily live. You can read more about the criteria here.

Mailed responses must be received or postmarked by the due date, and electronically submitted returns must be transmitted by midnight local time of the date they are due. To discourage late filers, the CRA charges a late filing penalty of five percent of your balance owed plus an additional 1 percent for each month the return is late. This fee is added to the compound daily interest that begins accruing on the balance on its due date. Then, the CRA will only charge you interest as you work on paying your tax owed.

TurboTax has been serving Canadians since It is the 1 selling tax preparation software across the country. We also have a LIVE service to enable our customers to have access to tax experts at the tip of your fingers.

Go ahead and give it a try! Easy to use with a choice of support options to assist you with all your taxation needs. Search for:.