As the personal income tax filing deadline approaches, there is only one thing left to do before you reach the finish line. However, we’ll give you seven last-minute tips to help you file your taxes successfully, even if it’s at the very last minute.
Submit your return on time
Whether you get a refund or have a balance owing with Revenue Agency, it doesn’t matter, file your return on time. You have until April 30 at 11:59 p.m. to file your return and pay any tax owing. Self-employed Canadians have a little more time to file their income tax returns, with the deadline being June 17, 2019, however, if you have a balance owing you must pay it by April 30, otherwise the CRA will deem that the balance is overdue and interest is charged. In the tax filing the tax preparation app comes up as quite useful now.
- Failure to file your income tax returns on time can have a significant negative impact on future returns, because if you are consistently late for your taxes, the penalties the CRA charges you double and may continue to charge double year after year.
- Obviously the right thing to do is file your tax return on time, even if it is not 100% complete.
Do your taxes (even if you don’t have to pay anything)
While you don’t have to file an income tax return if you don’t owe the CRA tax, it is in your best interests to do so. If you don’t have enough income to report, you may be eligible for a tax refund.
There are a few government programs you can benefit from if you file your return, including the Canada Child Tax Benefit, Harmonized Sales Tax Credit, the Goods and Services Tax and the Income Supplement. File your return by April 30 to receive your refund sooner. If you file your return using NETFILE, you could receive your refund in as little as eight business days.
Students always have an interest in filing income tax returns
If your child is pursuing a college or university education, he or she can report the expenses related to tuition fees on their own return, and then transfer the unused portion to you, a grandparent, a spouse or a spouse. It would also be possible to carry forward the unused portion of this year’s federal tuition tax credit amount (that you did not transfer) to claim in a future year, as well as amounts not used tuition credit, education amount, and textbook amount from years prior to 2017 that you cannot use (and do not transfer) for the current year.
Learn how to organize and stay organized
A recent poll shows that over a third of Canadians consider this aspect of the tax return preparation process to be the most daunting. However, rigorous monitoring of receipts throughout the year can completely change the game when it comes to doing your taxes. There are many great apps that can help you in this regard. If you’re self-employed, the QuickBooks Self-Employed mobile app can help you stay on top of your business’s finances and prepare for tax season with easy expense, mileage, and bill tracking. gathered in the same place.
