What Happened
The Canada Revenue Agency (CRA) has officially opened the tax filing period for Canadians, which began on February 23 and will continue until April 30, 2026. CRA spokesperson Gurpreet Plaha emphasized the importance of filing tax returns on time, even for those who do not owe taxes.
Why It Matters
Filing taxes is crucial for accessing various benefits and credits, including child benefits and the new Canada Groceries and Essentials Benefit. For eligible families, this could mean receiving up to $1,890 this year, while single individuals may receive up to $950. Additionally, a late-filing penalty will be imposed on those who owe taxes and fail to file by the deadline, which could lead to significant financial repercussions.
What’s Next
Canadians are encouraged to organize their financial documents ahead of the April 30 deadline. Self-employed individuals have until June 15 to file, but they must pay any owed taxes by April 30. The CRA advises taxpayers to file on time to avoid penalties and ensure uninterrupted access to benefits. Those who miss the deadline can file an adjustment for previous returns.
