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1. CANADA REVENUE AGENCY TAX RETURN DEADLINE PLUS
2. CANADA REVENUE AGENCY TAX RETURN DEADLINE PROFESSIONAL

The higher your income, the higher the marginal tax rate. However, the total rate of taxation due depends on your marginal tax rate and this is why you may have an additional payment to make at the tax deadline. If you received the Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB) for self-employed individuals, or the Canada Recovery Caregiving Benefit (CRCB), the Canadian government should have already deducted a 10-per-cent withholding tax. While you do not need to file your return until 30 April, the CRA is encouraging COVID benefit recipients to set aside some cash to ensure they can pay their tax underpayment at the deadline.Įxactly how much you will owe will depend on your personal circumstances and the specific benefit you received. How much tax will you pay on your pandemic benefits? Instead, they are a statement of the income and taxes already deducted. It’s important to note that, like regular T4 slips, T4As do not specify the exact amount of tax owing. Instead of listing the amount of wages and benefits provided by an employer, the T4A lists the amount of any benefits provided by the Canadian federal government. T4A forms are like T4 forms but with one key difference. This document summarizes income earned and tax withheld over the previous working year. The CRA’s current rate on overdue taxes is five per cent.Most employees in Canada will be accustomed to receiving a T4 slip from their employer before the end of February each year.

CANADA REVENUE AGENCY TAX RETURN DEADLINE PLUS

If you owe tax and submit a return after the deadline, you face a penalty of five per cent of your 2013 balance owing, plus one per cent of your balance owing for each month your return is late (up to 12 months).Īnd if you were charged a penalty on your return for 2010, 2011 or 2012, you may be charged 10 per cent of your balance owing for 2013, plus two per cent of your 2013 balance owing for each month your return is late (up to 20 months).ĭon’t forget the interest charges on the penalties. The CRA penalizes those who are habitually late, Henderson points out. If you owe income tax, you benefit from early filing as well. “We’re telling people to keep treating their taxes the same way as usual. (3) Start planning your vacation before the summer rush. (2) Get your money working longer for you in a savings or investment account. “They pay off debt, they save or invest and they plan vacations.”īy getting a refund earlier, you can: (1) Pay less interest on your debt. “There are three main things people do with their refunds,” says Matt Kanas, a spokesman for Intuit Canada, maker of Turbo Tax. If you expect a tax refund, you benefit from filing as soon as possible. There’s no reason to wait until late April to do your taxes. “People figure we’re smart enough to take care of it for them, even if they’re negligent.” “It’s an avoidance thing,” says my brother Michael, a CA in Stouffville, Ont., who has a client who plans to drop off his information on April 29, even though he was asked to do it in early April. But it was totally worth it.”Įven though the deadline extension isn’t widely known, many people are still delaying their visits to the tax preparer as long as possible. “I had to train during all the cold and snow this winter. “Running during tax season? I’ll never do it again,” she says. She ran it in three hours and 47 minutes. Henderson already took two days off for the Boston Marathon on April 21.

CANADA REVENUE AGENCY TAX RETURN DEADLINE PROFESSIONAL

“It’s not unusual for professional accountants to want to take personal time immediately after the tax season.”Īt Henderson Partners, most employees have booked holidays for May 1. “The pool to draw from may be smaller this year,” warns Gabe Hayos, vice-president of the Chartered Professional Accountants of Canada. Some accountants and tax preparers won’t be able to accept tax returns after April 30. The Canada Revenue Agency has extended the deadline to Monday, May 5, after suspending online services for a few days because of the Heartbleed bug.īut a five-day grace period isn’t a reason to dawdle. But when you have people coming in at the last minute, there’s no way to provide it.” “As a chartered accountant, I want to provide great service. People put it off,” says Christie Henderson, managing partner at Henderson Partners LLP in Oakville, Ont. The tax filing deadline is close at hand.