As most people are aware of the tax filing deadline has been pushed back for the Canada taxes until May 5th. due to the CRA site breach by an internet virus. For some this doesn’t mean much, but for others who are right down to the wire with their tax filing those extra few days come in handy.
There are still some who will still miss the deadline for a variety of reasons. A common occurrence when this happens is to adopt a laid back sort of attitude that you are late anyway so why hurry.
This is not a good approach to your tax obligations. You are already going to be faced with late filing fees, but now you are also accumulating interest on this and any potential tax money that you owe. Being late is not good, but just ignoring the matter is far worse.
Something else that you need to consider also is if you receive some types of payment from the Government, these can be held back until you file. This could apply to your GST payment that you are expecting or your child tax benefit.
It is far too easy to put off your filing once you have become late, and a good way to avoid this is to make sure you file early. Ideally using the services of a good accountant will help you to do this. If you are putting off your tax preparation because there is a potential tax problem you are facing, then an expert in this field will help you take the right approach.
Perhaps you know that you are going to owe the government some tax money, and you are not able to pay it at the moment. File your taxes anyway so you can at least avoid the late penalty fee. You can then pay your outstanding tax bill as quickly as possible, or make arrangements with the CRA for payments.
If you are waiting for information that you need for your tax return, and it has not arrived then go ahead and file your taxes without it, and attach a note explaining what you are waiting for. You can do an amended return once you receive this information.
If you want to put an end to the hassle of filling out and filing your own tax returns, then we would be happy to take this task on for you here at Toronto Accountant.
