Individual Personal Taxes Fendell

Some of the deductions, credits, and expenses you may claim when completing your tax return to reduce your tax owed are

Personal Taxes

  • Individual Taxes
  • Student Taxes
  • Immigrant Taxes
  • Single Parrent Taxes
  • Truckers Taxes
  • Seniors Taxes
  • Sole Proprietor Business Taxes
  • Rental Income Taxes

Due dates and payment dates

  • Mar 1: Deadline to contribute to a RRSP, PRPP, or SPP
  • Apr 30: Deadline to file your taxes
  • Jun 15: Deadline to file your taxes if you or your spouse or common-law partner are self-employed

Payment date for 2020 taxes

  • Apr 30: Deadline to pay your taxes

Interest on taxes you owe

If you have a balance owing for the current tax year and are unable to pay it by the April 30 payment due date, the CRA will start charging you compound daily interest as of May 1, 2021. This includes any balance owing if your return has been reassessed.

The rate of interest the CRA will charge on current or previous balances can change every 3 months based on prescribed interest rates.

Penalty for filing your tax return late

If you file your tax return after the due date and have a balance owing, you will be charged a late-filing penalty. Filing late may also cause delays to your benefits and credit payments.

If you cannot pay your balance owing, you should still file on time to avoid being charged the late-filing penalty.

The late-filing penalty is 5% of your 2020 balance owing, plus an additional 1% for each full month you file after the due date, to a maximum of 12 months.

If the CRA charged a late-filing penalty for 2017, 2018, or 2019 and requested a formal demand for a return, your late-filing penalty for 2020 will be 10% of your balance owing. You will be charged an additional 2% for each full month you file after the due date, to a maximum of 20 months.

Student Taxes

Students must file their taxes to claim their tuition credits every year on time. Some other benefits and credits that maybe they are entitled to are:

  • Trillium Credits
  • GST/HST Credits
  • Climate Action Incentive Credits
  • Tuition, education, and textbook amounts
  • Child Care Expenses (L21400)
  • Moving Expenses (L21900)
  • Canada Employment Amount (L31260)
  • Interest paid on student loans (L31900)
  • Canada Training Credit
  • Child and Family Benefits
  • Transfer the tuition credits to a parent or a Guardian