Every year we have clients that file late. You know what, it happens. We’re all busy and filing your taxes is one of the last things you want to think about. However, filing late could be costing you. If you file late and you owe money to CRA note only do they charge interest on the amount owing but also add on a late filing penalty. If you have a habit of filing late year after year, the penalties they charge increases. Nobody wants to pay extra money to the CRA, so here are some tips to file on time.
Have Good Filing Habits
Instead of trying to sort through a year’s worth of financial information in one sitting get into the routine of filing away any relevant tax documents regularly. Getting into the habit of doing this weekly or monthly can lighten your load come tax time.
Submit on time.
Any monthly or quarterly tax credit payments or benefits you may be entitled to, such as GST/HST credits or the Canada Child Benefit, could be interrupted if your return isn’t filed on time. If you want to make sure the money that’s rightfully yours flows in without any hiccups, make sure you file by the deadline.
Alleviate the stress of filing by hiring a professional
Filing your taxes can bring about a lot of stress and uncertainty. Avoiding the problem won’t solve it! Contact us and speak with one of our tax professionals. We will maximize your claims, and get you filed on time. We are available year-round to assist you with all of your tax inquiries.
If you’re unsure about anything when it comes time to file, know that we’re here to help!