For most Canadians, Wednesday, April 30 marks the deadline to file their taxes with the Canada Revenue Agency. It's a key date for anyone hoping to avoid late penalties and interest on amounts owing.
Missing the deadline could mean a penalty of five per cent on the balance owing plus an additional one per cent for each full month the return is late, up to a maximum of 12 months. Tax experts advise filing now, even if you can't pay the full amount, to avoid penalties.
Self-employed people have until June 16 to file but interest on any outstanding balance starts accruing after April 30.
The CRA expects to receive more than 20 million tax returns this year.
