We are here to guide you through the necessary steps to ensure your taxes are completed accurately, avoiding any penalties.

Important Dates to Remember

If you are self-employed, the tax deadline for 2024 in Canada is June 17, 2024. However, if you owe money, the payment was due on April 30th. The following information applies to you if you fall into this category.

Step-by-Step Guide:

1. Gather Your Documents: Collect all relevant tax documents and bring them to your tax preparer. Many of our offices remain open beyond the tax deadline. Utilize our office locator to find an office near you and book an appointment today, or feel free to walk in at your convenience.
2. Remote Filing Options: Alternatively, you can upload your documents from anywhere and have a Tax Expert prepare and file your return remotely. You also have the option to file your taxes independently using our tax software.
3. Estimate Your Taxes: Use our tax calculator to get a preliminary estimate of the taxes you owe or the refund you might receive. Remember, if you are expecting a refund, you do not owe taxes and will not incur any late-filing penalties. However, you must file your return to receive your refund, which may include monthly or quarterly payments such as the Canada Child Benefit or the GST/HST payment.
4. Importance of Filing: Filing your tax return is crucial for financial activities such as getting approved for a mortgage or securing a loan. Ensure your taxes are filed annually to avoid complications.

Consequences of Late Filing in Canada:

• If you owe money and do not file on time, the CRA and Revenu Québec will impose a late-filing penalty of 5% of your balance due, plus an additional 1% interest for each full month your return is late, up to a maximum of 12 months.
• If you cannot pay the taxes owed, the CRA will accept late payments, but you will incur compound daily interest on all amounts due. It is advisable to contact the CRA to arrange a payment plan or instalments.
• For those who have previously incurred a late-filing penalty for 2020, 2021, or 2022, and have received a formal demand to file for 2023, the penalties are doubled. This means a 10% penalty on your balance and an additional 2% for each full month your return is late.

Voluntary Disclosure Program: If you have already filed your taxes but discover an error resulting in owed taxes, the CRA’s Voluntary Disclosure Program may offer a solution. By proactively approaching the CRA with the mistake before they contact you, they will evaluate on a case-by-case basis whether your error can be forgiven.

By adhering to these guidelines and staying aware of the tax deadline for 2024 in Canada, you can ensure a smooth and penalty-free tax season.