What is the deadline for filing tax? OR What are the repercussions if I don file tax in time?
You should file your income tax by April 30th for the previous year. For example, tax returns for 2006 are due by April 30th of 2007. If either you or your spouse is self employed, then your due date will be June 15th of the next year. If you are late and have any balance owing on your tax return, you may be subject to penalty of 5% and interest as per CRA’s annual interest rates for any outstanding balance. If you have a refund in your tax return then there will be no interest charged.
