Learn more about Canada’s top banks rates, rules and the latest news – read on!
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BMO credit cards: A breakdown of the bank’s best cards 2021 Jan 13th
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Als dominant in win over Ticats; move to 2-0 CFL.caAlouettes streamroll winless Tiger-Cats in home opener TSN'Everyone knows where I want to be': receiver Brandon Banks 'open' to return to Hamilton Tiger-Cats 3downnation.comHamilton face boos as Alouettes win Tiger-C.... More »
Canadian inflation: What one expert is expecting from Tuesday's data - BNN Bloomberg + MORE Jul 17th
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Forgot to File Your Taxes Last Year? What You Need to Know
– ratesupermarket.ca
If filing your taxes before the deadline went over your head this year, procrastinating can make things worse.
Unlike sales tax, which you pay on the spot, Canada’s income tax system is based on self-assessment. Make your money, plan your affairs as best you can and then, pay up.
Not everybody does this, though. So, if the tax filing deadline sneaked up and passed you, here are a few things to keep in mind.
Better to File Late than Never
Some people may neglect to file one year and then freeze when it comes to the next year’s tax return because of prior mistakes.
If you owe the government money, this type of procrastination can hurt you financially. The Canada Revenue Agency (CRA) will monitor your financial behaviour over time, using identifiers like your SIN and your date of birth to access data from your bank accounts or credit card transactions. When the CRA notices your absent tax return, you may end up owing penalties and interest.
If you notice your mistake before they do, it’s best to contact the CRA to find out any penalties you may have incurred, as well as the best way to file and pay off your outstanding balance…