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Income tax filing deadline quickly approaches

(iStock Photo)

The deadline to file your income tax returns is Monday at midnight

If you have your own business and aren't incorporated, you have an extension to file your return until June 15th

All payments owed to the CRA must be made by Monday at midnight

VANCOUVER (NEWS 1130) – If you have an accountant in your life, chances are they’re working overtime this weekend as some people scramble to get their taxes filed by the deadline.

The Canada Revenue Agency is expecting those documents — and any outstanding balances — to be submitted by midnight on Monday.

You have a bit more time to file if you have your own business and you’re not incorporated.

“You have an extension to June 15th to file your tax return, however your taxes are due April 30th,” explains Bilal Kathrada with Clearline CPA. “So the payment deadline is still April 30th, but you have an extension to file until June 15th.”

Missing the deadline really only hurts you if you owe the CRA money, but he says you should still consider meeting the deadline. “There’s no penalty if you don’t owe any money, however it’s advised to file on time just in case there’s any adjustments.”

Kathrada explains if you’re late and you have a balance owing, the government will tack on five per cent, plus one per cent per month until it’s paid.

“If you’re non-compliant, in extreme cases they do have the power to garnish bank accounts and things like that. However, that’s unusual.”

Even if you can’t pay what you owe right away, you still have to file your return by the deadline to avoid the penalty.