File Your Tax Return on Time!

Against all my expectations, CRA has not in-fact extended the filing deadline for 2020 personal income tax returns.  The COVID-19 situation in many parts of the country has resulted in lockdowns.  Despite the grim news, there is no personal tax return filing extension this year.

You must file your tax return on Friday unless you are reporting self-employment income on your personal income tax return. If you do report self-employment income then you have the confusing situation where your tax return is not due until June 15th but you have to pay any taxes you owe by April 30th.

The late filing penalty is based on the amount you owe, so if you do not owe money you will not be charged a late filing penalty. There are good reasons to always file on time, even if you think you do not owe money.  You could make a calculation mistake, or a T slip gets changed, increasing your income. The only way to be sure you will never be charged a late filing penalty, no matter if your 2020 information changes at some point is to file on time.  File on time and you will never have to worry about being charged a late filing penalty.

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Painless Financial Training Group Inc. with Debi Peverill

Understand Financial Stuff, Painlessly