Vancouver, Canada (WNews)- The Deadline for filing taxes and to make payments is tomorrow (May 1).
Normally Tax Return is due on April 30, but with the date filing on a Sunday this Year, it’s is due on May 1. Self Employed have till June 15 to file with the CRA
Even if you owe money, the penalties for minor tax tardiness are relatively minor – five per cent of your 2016 balance owing, plus one per cent of your balance owing for each full month your return is late, to a maximum of 12 months.
What has Changed under the 2016 Tax Returns compared to 2015:
First of all, Many Tax Credit has been changed or being ended. Here’s what changed;
- The Transit Pass Tax Credit is being ended with the Last month of Credit in July.
- Children’s fitness and arts credits have been cut in half for the 2016 filing year.
- Enhanced Universal Child Care Benefit which replaced the Child Care Benefits starts July
- Education and text book credits has been stopped for 2017
- Income Spitting was stopped in 2016 Tax Year
Makes sure to file your taxes as required by Canadian Laws and so you don’t have to pay interest on the debt own if owning.
You can either NetFile or submit though the old fashioned way. Visit the CRA website for more information and important dates.