This is the final weekend for people to hurry to get their taxes in before the deadline this Monday.
If you miss the cutoff and are in a refund position, there should not be an issue says Prince George KPMG Tax Partner Stan Mitchell.
However, if you owe taxes, that’s a different story.
“Right off the bat, CRA will levy a penalty of five percent of the unpaid tax amount,” explains Mitchell.
“There is an additional penalty of one percent for each additional month that you don’t file your taxes, they also charge you interest that is compounded daily so it adds up pretty quick.”
Mitchell notes while most things are fairly uniform, there is one new thing some people may not be aware of that is important to note.
“Report any dispositions of your principle residence,” he says.
“Previously, [Canada Revenue Agency] wasn’t too concerned if it was your principle residence but now you actually have to report it otherwise they can deny the tax free gain.”
If you, or your spouse, own a business, the filing deadline is not until June 15th, but any taxes owing are still due on April 30th.
– with files from Matt Fetinko, My PG Now
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