Canadians have until the end of Monday to file their taxes or risk penalties.
Normally the deadline is April 30th, but since that fell on a Saturday this year, the timeline was extended.
If you, or your spouse, or common-law partner were self-employed last year, you have until June 15th to file. But if you owe money, you must still pay it by May 2nd.
Experts say even people who have no income or only made a small amount last year and don’t owe any tax should file an income tax return.
They may be eligible for a refund, or other benefits such as the goods and services tax/harmonized sales tax credit.
The Canada Revenue Agency announced Thursday that for the period between December 2015 and March 2016, Ontario courts assessed a total of $97,500 in fines for failing to file corporate, personal and/or GST/HST returns.
The largest court fine was levied on February 23rd against Marvin Shifman, a resident of Richmond Hill, Ontario. He received a fine of $71,000, for his failure to file 71 GST/HST quarterly returns related to his law practice.
When individuals, or corporations are convicted of failing to file tax returns, in addition to any fines imposed by the courts, they are still obligated to file the tax return and pay the full amount of taxes owing, plus interest, as well as any civil penalties that may be assessed by the CRA.
If you have ever made a tax mistake or omission, the CRA is offering you a second chance to make things right through its Voluntary Disclosures Program (VDP). If you make a valid disclosure before you become aware that the CRA is taking action against you, you may only have to pay the taxes owing plus interest.
More information on the VDP can be found on the CRA’s website.