What Happened
The Canada Revenue Agency (CRA) has emphasized the importance of filing tax returns before the April 30 deadline, even for individuals who do not owe taxes. Spokesperson Gurpreet Plaha stated that the tax filing period commenced on February 23 and will continue until April 30 for most Canadians. She urged taxpayers to gather all necessary documentation, including income slips, deductions, receipts, and invoices, to ensure a smooth filing process.
Why It Matters
Filing taxes on time is critical to avoid penalties. Those who owe taxes and fail to file by April 30 will incur a late-filing penalty of five percent on the owed amount, plus an additional one percent for each month they are late, up to a maximum of 12 months. Plaha advised that individuals facing financial difficulties should still file on time and contact the CRA to discuss potential payment arrangements.
What’s Next
Taxpayers are reminded to update their personal information with the CRA, especially if they have moved, changed marital status, or had children. Additionally, the RRSP filing deadline of February 28 is approaching, further highlighting the need for timely tax preparation.
