Hello my name is Matthew from http://www.taxservicestoronto.com. Today I will discuss the deadlines and possible penalties for filing your personal income tax return.

Your personal tax return has to be filed on or before April 30. Meaning if you are doing your 2013 tax return it is due April 30, 2014. An exemption to this, is if you or your spouse or common law partner were self-employed during the year, then the deadline to file your tax return is June 15 instead of April 30.

The deadline to pay your taxes is April 30 even if you are self-employed. If you still owe money after April 30, you will have to start paying interest. If you are unable to file your tax return on time, you can pay an estimated amount of tax you think is payable.

Be aware, CRA will charge a high penalty if the return is filed late. The late file penalty charged is 5% of the balance owing plus 1% each month the return is not filed. However if this is not the first time you have late filed your return, CRA could charge 10% of the balance owing plus 2% each month. We recommend that you file your return on time to avoid this penalty. If you are having trouble getting the info, then we recommend that you file what you have. Then file an adjustment for the info you receive later. This would prevent you from by charged the late file penalty.

We specialize in all types of tax returns and are very experienced in late filed tax returns. We can prepare the return and obtain any outstanding info required. We also will ensure that all taxes are minimized and any interest and penalties are as low as possible. We can also apply for the waving of interest and penalties in certain situations.

We are here to help you at taxservicestoronto.com. You can contact us at [email protected] or phone us at 416-626-2727.