Deadlines to Remember- When Should Canadians Complete Their Tax Returns-
When do Canadian taxes have to be done by? This is a crucial question for every Canadian taxpayer, as failing to file taxes on time can result in penalties and interest. Understanding the deadlines and the process for filing taxes is essential for maintaining compliance with the Canadian Revenue Agency (CRA). In this article, we will explore the key deadlines for Canadian tax filing and provide guidance on how to ensure your taxes are completed on time.
The general deadline for filing Canadian income taxes is April 30th, provided that you have received a notice of assessment from the CRA for the previous year. However, if you live outside of Canada, you have an extended deadline of June 15th. It is important to note that this extended deadline does not apply to those living in the United States, as they must still adhere to the April 30th deadline.
For those who are self-employed or who have other tax-related obligations, the deadline to file taxes is June 15th, regardless of where they reside. This includes individuals who are deemed to be self-employed for tax purposes, such as those working as contractors or freelancers. It is crucial to understand that this extended deadline only applies to the tax filing deadline; payments of taxes owed are still due on April 30th.
In some cases, individuals may request an automatic six-month extension to file their taxes. To do so, you must submit a request for an extension of time to file your income tax return before the original deadline. It is important to note that while an extension may provide additional time to file, it does not extend the deadline for paying taxes owed. Therefore, it is essential to make arrangements to pay any taxes owed by April 30th to avoid penalties and interest.
When it comes to filing your Canadian taxes, there are several ways to ensure you meet the deadlines. You can file your taxes online using the CRA’s My Account service, or you can hire a tax professional to assist you. It is also crucial to keep all necessary documentation, such as T4 slips, T5 slips, and receipts, organized and readily accessible to facilitate the tax filing process.
In conclusion, understanding when Canadian taxes have to be done by is essential for every taxpayer. By adhering to the deadlines and following the proper procedures, you can avoid penalties and interest while ensuring compliance with the CRA. Whether you choose to file your taxes online, in person, or with the help of a tax professional, taking the necessary steps to meet the deadlines is a crucial aspect of responsible tax management.
