It’s that time of the year again as people hurry to get their taxes in before the April 30th deadline.
If you miss the cutoff date and are in a refund position there should not be an issue says KPMG Tax Partner Stan Mitchell. If you owe taxes, however, that is a different story.
“Right off the bat, CRA will levy a penalty of five percent of the unpaid tax amount,” explains Mitchell.
“There is an additional penalty of one percent for each additional month that you don’t file your taxes, they also charge you interest that is compounded daily so it adds up pretty quick.”
Mitchell notes while most things are fairly uniform, there is one new thing some people may not be aware of that is important to note.
“Report any dispositions of your principle residence,” he says.
“Previously, [Canada Revenue Agency] wasn’t too concerned if it was your principle residence but now you actually have to report it otherwise they can deny the tax free gain.”
If you or your spouse own a business the filing deadline is actually June 15th, says Mitchell, but any taxes owing are still due at the end of April.
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