Make sure to have your tax return filed on or before April 30th. This will ensure that you will not be penalized for being late or have to pay interest on outstanding amounts. Plus, if you have a refund coming, the sooner you file, the sooner you get your refund back. When returns have not been filed with Canada Revenue Agency (CRA) on time, eventually you can expect to hear from them with a request to file your returns. Ignoring these requests long enough will usually result in an arbitrary assessment of CRA’s estimates of your income and tax payable. These assessments are often quite “generous” in their estimates of the income you earn and the resulting estimated tax payable will usually get your attention quickly. If you have fallen behind in your tax filings, talk to your accountant. They can help you assess your situation, prepare accurate tax filings and help determine your best possible course of action. Filing your tax return also qualifies you to receive certain benefits such as child tax benefit and quarterly GST credits depending upon your income level.

Derek L. Chase, www.chasesekulich.com