For most Canadians, today is the last day to file your taxes which is especially important if you need to avoid late penalties and interest on amounts owing.
The deadline for self-employed workers to file to the Canada Revenue Agency is June 16, though interest on any outstanding balances begin accruing after today.
Late tax filers could see a five percent penalty on their balance owing and an additional one percent for each full month that they delay filing after the due date, to a maximum of 12 months.
Tax experts say it’s still important to file your taxes on time even if you can’t pay the amount owing in order to avoid an even higher bill from late-filing fees….