Have you filed your taxes yet? If not, keep in mind the deadline is coming up soon. You have up until the beginning of next month to file your taxes. For incorporated businesses, owners have three months after their year-end to get all their paperwork submitted. Don O’Brien, a local accountant stresses the importance of getting your taxes in on time.
“People don’t realize that benefits such as GST if their income is below certain levels, GST rebates or special social program incentives are tied to their tax returns, so it’s best to get it in on time even if you owe them money and you can’t pay it right away. For sure try to get it in on time. If you do owe them money and you don’t file it on time then there is a five per cent penalty on the balance,” said Don O’Brien, Accountant with Don G. O’Brien Professional Corporation.
Just a reminder that the deadline for this tax season is Monday, May 2.