Every person and business go through their daily existence, working hard and earning their income. There reaches a point during every year where you realize that you will have to file and submit your taxes for the year. Countries set their own dates and deadlines for this event. In the United States, the date is every April fifteenth (sometimes it is later if the fifteenth falls on a weekend). However, the date for filing is different in other places, such as Canada. If you live in Canada, do you know when to file your taxes?

There are several different dates that are involved in filing your taxes in Canada. For most individuals, generally speaking, the filing date is April thirtieth. That date is the last day for filing an income tax return for the previous year’s income.

Filing your return beyond this time period can affect other benefits that you may be eligible for. By not recording your paperwork at the deadline, you can delay Canada Child Tax Benefit payments. Also, Old Age Security benefit payments can possibly be delayed. Not being aware of the correct date can then have an impact on when you receive other monies owed to you.

There are some variations to the filing date under certain circumstances. For example, if you or your spouse are self-employed and operated a business, you may qualify to have a later filing date. Instead of the customary deadline, you can file on or before June fifteenth, provided you do not have a balance for payment from the previous calendar year.

Keep in mind that if you are the executor, legal representative or administrator of an estate of a person who passed away in the previous calendar year, you may also have to file a tax return for that person. The dates may vary on when paperwork must be filed for this person.

If the individual in question had their death occur between the first of the year and the thirty-first of October, then the standard filing date of April thirtieth applies, but of the following year. If the person passed between November first and December thirty-first, then there is an extended date of when the final paperwork is due. In this event, the final date is calculated at six months after the date of death.

Several methods are available to the consumer to use for filing. Be sure to keep the filing date you have in mind when choosing which way to file. Filing through the Internet is the fastest and most secure manner, but be sure if you file by mail you have enough time to mail it so it arrives on time.

It is important to keep in mind the time limits you may have concerning when to file taxes. Filing late can not only cause delays in any refund payments, but it could lead to penalties being assessed. Taking care of this duty is a critical part of being a Canadian citizen.

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Category: Finances
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