I know I owe so I wait until the last minute…

OK – this is a BAD idea!!!

Even if you owe – whether you file on Feb 12th or April 29th, your balance owing is not due until April 30th and will remain the same with no interest or penalties.

So you bring me your taxes on April 29th and I advise you that you are missing slips in order for me to file your taxes! This happens all the time!

It’s a Friday and you cannot get a hold of anyone until Monday.  So you will be 3 days late filing your taxes.

Even if you are 1 single day late, the penalties are 5% of your balance owing.  So if you owe $1000, that is a $50 fine.  If you owe $4,000, it’s a $200 fine.

Don’t procrastinate!!  If you owe, the earlier you file…the better!

Posted in: GENERAL INFORMATION ABOUT REVENUE CANADA