April has ended but tax season rolls on.
Once upon a time, a happier time, all of the personal tax returns had to be filed on April 30. This was really hard for accountants to do – but accountants like to accomplish hard tasks. Getting all of the tax returns filed on time was such an accomplishment that we would have a BIG party. Lots of alcohol and inappropriate behaviour. Hangovers that lasted for days. A clear example of the “work hard, play hard” way of life.
Now a portion of the personal tax returns are not due until June 15. Taxpayers who show self-employment income on their personal returns have an additional 6 weeks to file their returns, no longer to pay, but longer to file. The effect of this is that tax season is not over on April 30. We are not in the mood for a party on April 30 because we have too much left to do.
By the time June 15 rolls around and we have finished the personal tax returns – we don’t have time to party then because a lot of December corporate year ends are due on June 30. Not enough time to recover from a BIG party and get all the December year ends done.
Once the December year ends are done it is July 1 and a different type of party – sunshine, water sports etc. Not a tax party, the Canada Day weekend is a party for everyone. The April 30 tax party is a part of history now – not a part of our lives.