One thing people are often unsure of is when their tax returns are due, and when they have to pay any taxes owing. Let me break it down for you.
Personal Income Tax Returns
If you are not a self-employed individual, the general filing deadline is April 30th. If that deadline falls on a Saturday or Sunday, they are due the next business day. For 2017, the deadline is May 1st. This is from the CRA’s (formerly Revenue Canada) website:
Since April 30, 2017, is a Sunday, your return will be considered filed on time if we receive it on or it is postmarked on or before May 1, 2017.
Any income taxes owing are due on April 30th, and the extended deadline of May 1st applies here as well. Even if you can’t pay them right away, you should file your return on time to avoid any late filing penalties.
Self-employed individuals have a later filing deadline. If you have a business and are not incorporated, you report your income and expenses on the T2125 Statement of Business or Professional Activities. CRA gives you a deadline of June 15th to allow you to properly report your business income and expenses.
Any taxes owing are still due on April 30th. If you can get your return completed before April 30th in order to know your taxes payable and you pay your taxes owing on time, you will not be charged any interest. If you cannot get them completed, you can make an instalment of your estimated taxes owing to reduce or eliminate any interest charges that would start accruing after April 30th.
Final (Date of Death) Returns.
Per CRA’s website:
Generally, the final return is due on or before the following dates:
January 1 to October 31:
April 30 of the following year
November 1 to December 31:
Six months after the date of death
If you have any questions about the deadlines for your personal situation, please feel free to contact me.