As your tax receipts and T4s start rolling into your inbox, you may be wondering when personal taxes are due in Canada. No one wants to be late getting their taxes filed, especially if you’ll need to pay rather than receive a refund. For most people in Canada, personal taxes are due April 30th, or, if April 30th falls on a weekend, taxes are due that following Monday. If you or your spouse are self-employed, you can file your personal taxes until June 15th, but all payment is still due by April 30th.
What Do I Need for Filing My Personal Taxes?
In saying that personal taxes are due, it means that you need to put all of the previous year’s financial records in order, and calculate the amount of taxes you either owe or are due in a return from the government. This means you must report your entire income from that year, if you are employed by someone else, this will be reported in a T4. You’ll also need to report income from any benefits you received in the previous year, such as EI, and any income from side businesses. After reporting your income, you can claim deductions, credits, and expenses. This could be donations to charities or institutions (you should receive a tax receipt if the donation was over $25, typically), education costs, childcare or dependent care costs, as well as pension and savings plans. If you’re self employed, you will also need to gather expense receipts that pertain to your business.
Looking for support with your personal taxes this year? Our team of CPAs in Edmonton and Sherwood Park can help develop personal tax strategies for you and your family, giving you peace of mind over your tax season. Get more money back in your pocket this year! Reach out to a personal tax account in Edmonton today!
When Do I Need to File my Personal Taxes?
For employed Canadians, the due date to file and pay is April 30th. If you have an account with the CRA and are set up for electronic filing, you may be able to file as late as the afternoon of April 30th. However, it is always best to leave some wiggle room for receiving your file and payment, as you do not want to risk incurring unnecessary penalties. The same applies to self-employed Canadians where any taxes owed must be paid by April 30th. If you are filing and paying by mail, ensure that you send your tax return in advance of the due date, especially in the light of mail disruptions where delivery times can be delayed.
See Also: What Happens If You File Personal Taxes Late in Canada
Should I File My Personal Taxes Early?
When you have everything prepared for your tax filings, it’s not unheard of to get your taxes filed early. From peace of mind to sped up timelines for receiving your tax return, there are a variety of reasons that filing your personal taxes early can benefit you this season.
1. Spring is Busy Season for Accountants
Spring is an incredibly busy time for accountants, if you’re hoping to work with a specific accountant or you’d like to spend time discussing your tax return before filing, getting a head start is a great way to ensure this! Sending your personal tax information to your personal tax accountant in Edmonton ahead of time will also give your accountant the opportunity to look at all the variables and ask you more questions about claims and expenses. If you decide to file in the middle of April, your accountant won’t have time to follow up with you about additional paperwork, and will simply need to work with what they’re given.
2. Get Your Taxes Out of the Way
Filing your personal taxes can often feel like a looming cloud following you around. Getting your taxes over and out of the way early can relieve a lot of stress that can come with a fast approaching deadline.
3. Protect Your Benefits from Being Interrupted
In Canada, filing your taxes is about more than just reporting income; it’s the application process for several essential government benefits. Programs like the Canada Child Benefit (CCB), the GST/HST credit, and the Canada Carbon Rebate are all calculated based on your tax return. If you file your personal taxes late, the CRA may temporarily pause these payments until your return is processed. Filing early ensures there is no gap in your monthly or quarterly deposits, keeping your household budget on track.
4. Get Your Money Faster
If you end up receiving a tax return, there’s always an advantage to having your return in your bank account sooner rather than later. Your tax return is your money from overpaying throughout the year, so having the funds back ahead of time is a definite advantage.
Gallo LLP is your go-to accounting firm. Our dynamic team of CPA accountants will take your accounting solutions to the next level, providing you with the best advice in a timely manner. When you need financial solutions, trust that Gallo LLP has your back and keeps your best interests in mind. To learn about how Gallo LLP can help your business, connect with our team of Chartered Professional Accountants today.