We’re already two months into the new year and the return filing deadline is fast approaching.
Yes, we know you’d rather do a million other things than spend your evenings filing taxes. However, as boring and tiring the process is, filing taxes is not exactly a choice.
Fortunately, we’ve already covered a list of everything you need in a previous post. So you don’t have anything to worry about. That said, you still have a deadline to keep up with, or else you risk a penalty.
Since the deadline depends on the type of taxpayer you are, we’re going to cover the details for both salaried and self-employed individuals.
What is the tax payment deadline in 2020?
Let’s start with the easy one. The tax payment deadline is the same for both salaried and self-employed individuals. Every year Canadians pay their taxes by the 30th of April.
The year 2020 is no different and you’ll have to make your payment by Thursday, April 30, 2020.
Failing to make the payment on time will result in a daily compounded interest from the 1st of May, 2020. You’ll have to pay a penalty of 1% on all unpaid taxes for each full month — and that too up to 12 months.
What is the tax filing deadline in 2020?
The last tax filing date depends on the type of taxpayer you are.
If you or your spouse are self-employed, then you must file your tax return by the 15th of June, 2020.
If, on the other hand, you’re a salaried individual, then the deadline for filing a return is the 30th of April for you.
While the deadline is different, both salaried and self-employed individuals are charged a penalty of 5% on any unpaid taxes if they fail to file their returns on time.
Time to File Your Taxes
As of this writing, you have a little over one month remaining until the deadline.
If you don’t want to miss the deadline, why not let a professional team handle everything for you?
Our team of expert CPAs would be delighted to take care of everything for you. Plus, we love getting maximum refunds, so you can bet we’ll get the same for you!
