- What is the filing deadline for your Personal Income Tax?
- When do self-employed individuals need to file their T1 Returns?
- What are the exceptions to the due date of your Personal Income Tax Return?
- What is the deadline for making deductible RRSP contributions for the tax year?
- How much can late filing charges cost you?
- How long should you keep your General income Tax records?
- When claiming expenses, what documents are accepted by CRA?
- Can CRA freeze my bank account, put a lien on my property or garnish my income?
Your Personal Income Tax has to be filed by April 30th of each year. Please note if you file your return after April 30th, your GST/HST credits, CCTB or OAS may be delayed.
Your Income Tax Return is due by June 15th of every year. Please note if you have a balance owing you need to pay it before April 30th.
When the due date falls on a weekend or holiday recognized by CRA, CRA will consider your return to be filed on time or your payment to be made on time if they receive it or it is postmarked the next business day.
The deadline for RRSP contributions is the first sixty days of every year. Please do not forget to top up your RRSP contribution if you have a Home Buyers Plan as it will be added to your taxable income. Also the year you turn 71, December 31st is the last day you are eligible to contribute to your RRSP plan.
Commencing May 1st, interest begins to compound daily on any outstanding amounts, at a rate of 5%, with an additional 1% owing for each month outstanding, for a maximum of twelve months.
You should keep your supporting documents for six years. Remember to have all your receipts and documentation ready in case you are selected for a review.
You must keep all original receipts/vouchers. CRA will not accept bank or credit card statements as source documents.
Yes, CRA can do any or all of these. If this is happening to you, contact us, there may be time to have the action or actions stopped.