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Crunch Time – Have you filed yet?

April 30th is approaching in just over a week (or 9 days if you are counting like I am!).  Have you filed your income tax return yet?

Not sure if you have to file, check out this link on the CRA website for reasons why you should file:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/flng-blgtns/menu-eng.html

What happens if you don’t file:

– if you owe taxes, than a late filing penalty plus interest will be charged.  If you have been late in the past, than penalties are increased.

– GST credits, child tax benefits and the Ontario Trillium Benefit may be held up.  Benefits are paid July, 2013 to June, 2014 based upon the 2012 personal tax return.

Self-employed persons have until June 15, 2013 to file their 2012 income tax return, but if there is a balance owing, it is due by April 30th.

Time to stop procrastinating, and get that return done.

 

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