The tax season is here once again and individuals are slowly starting to prepare the years paperwork. Below are some important dates you need to know for this calendar year.
General 2014 Tax Return Filling Date
For most individuals the general filling day is April 30th, 2015. Meaning your 2014 income tax return must be filed to the CRA on or before April 30th, 2015.
2014 Tax Return Date for Those Who Are Self Employed
For individuals who were self-employed in 2014, the tax return has to be filed by June 15th, 2015.
Balance Owning for 2014
If you have a balance owing from your 2014 tax return, the payment deadline is on or before April 30, 2015. Failure to meet the deadline would result in interested charges.
Penalty and Interest for Failure to File on Time and Meet Payment Deadline
Failure to meet the payment deadline will result in daily compounded interest charges on the owing balance of 5%. If you have missed the filling deadline you receive an additional 1% compounded late filling penalty for every full month you fail to file.
For further details on interest and penalties visit the CRA official page provided below.
Most Common Ways to Pay Your 2014 Income Tax Balance Owing
So now that you have your tax return prepared, it’s time for a payment. Your payment can be made using any of the following methods:
- Online Banking (complete instructions)
- Directly through CRA “My Payment” – uses Interac® Online
- Pre-authorized debit payment (complete instructions)
- By visiting you bank in-person and requesting them to make a payment
- Through the mail – cheque or money order
- Direct wire transfer
If you need help filling your 2014 tax return feel free to get in touch. If you would like further information without getting in touch, here are resources you might find useful:
- CRA Make a Payment Instruction
- CRA Interest and Penalties Information Page
- General Income Tax and Benefit Guide
The Importance of Professional Advice
Hopefully you have found this guide on important income tax dates for 2015 helpful. To maximize the amount of tax rebates it is always best to seek a professional tax accountant. The money you gain by investing in such services typically outweighs their costs.