The clock is ticking for Canadians to file their income tax returns. The deadline is April 30, though self-employed Canadians have until June 15 to file. While the deadline might feel daunting, tax expert Aaron Doucet said missing it altogether can be costly. “Try your best to have your return ahead of midnight April 30. That way, you don’t have any late fees taken away from, hopefully, a potential refund,” he said. Penalties can vary by return, Doucet said, but not filing it all together can be even more costly. To file on time and to maximize your chance at the best return, Doucet advises taking advantage of free, approved software. The Canada Revenue Agency (CRA) has a full list on its website. There are also some easy mistakes to avoid, like forgetting to add in specific deductions, like RRSPs. Doucet also reminds those with multiple jobs and, therefore, multiple T4s, to make sure to include them all. As for small business owners who are under the gun this tax season, Doucet recommends they reach out to an advisor. “If you don’t have the time to do it, it’s probably time to start thinking about working with an accountant or bookkeeper.” - With files from CTV’s Maralee Caruso
