✅ Most Canadians believe that there are more than four seasons in a year. The fifth season called tax season!
Tax filing season officially began on February 21st. It may be confusing and stressful time for some Canadians.
The tax filing deadline this year is set for May 2 because April 30 falls on a Saturday.
If you are self-employed, you have until June 15 to file your return, but if you owe taxes, you still need to pay by May 2.
It’s important to get ahead of these deadlines because the CRA will impose interest and penalties on any amount owed after these dates.
Canadian tax payers care about two things when it comes to taxes: owing less and getting a big refund. Let’s be real – after paying tax on virtually everything it’s nice to get something back once a year.
But remember, a tax refund isn’t free money. It’s also not a good indication of whether you paid more or less in taxes compared to the year prior: income, life events, financial circumstances, etc. It simply means you voluntarily overpaid the taxman last year.
Zero is the magic number for taxpayers.
Talk to your tax professional to make sure you’re paying just the right amount.
Of course we understand why people would want a big refund. It can double as an instant savings account or help you pay down debt quickly.
Be aware, the CRA fully resumed collections activities this year.
If you receive a phone call or letter from CRA indicating that you owe money and can’t pay your balance in full, give us a call.
You may have more options than you know.
Check if you qualify.
We offer FREE, confidential, and
no-obligation consultation!
Best Regards,
🇨🇦Canadian Debt Advisors
