Just a quick reminder to Canadians... April 30th is the income tax filing deadline!!
Many people are under the impression that if you have a small business you don't need to file your income tax return until June 15th, period. This is incorrect!
- If the end result on your tax return states you owe Revenue Canada (the government) money, you have to both file your taxes and pay the outstanding balance by April 30th! If you do not do so, you will be charged with a late filing fee along with combined interest payable on the entire amount left outstanding.
- If the end result on your tax return states you have a zero balance owing or a refund amount coming back to you, then yes, your tax filing deadline is June 15th.
Please contact Revenue Canada; Business & Self Employment sector @ 1-800-959-5525 if you have any questions.
Remember, the onus is always on the taxpayer. Having a 'Lack of knowledge' or 'playing dumb', simply doesn't work. In the end, it's best to just file on time. Putting off the inevitable by avoidance, just prolongs the torture ;)
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