If April 30 has come and gone and you still haven’t filed your taxes, you’re not alone, and you’re definitely not out of options.
While missing the deadline can feel overwhelming, all is not lost. The most important thing, however, is to act quickly, understand what happens next, and take simple steps to limit any penalties or delays.
Here are some tips to get you back on track, and how Intuit TurboTax can help you along the way.
File as soon as possible, even if you can’t pay yet
For most Canadians, April 30 is both the filing and payment deadline if you owe taxes. If you’re self-employed, you have until June 15 to file your return, but any balance owing is still due on April 30. Even if you qualify for the later filing date, interest begins accumulating on unpaid taxes starting May 1.
If you do owe money and miss the deadline, the CRA applies a late-filing penalty. For first-time late filers, that’s five per cent of your balance owing, plus an additional one per cent for every month your return is late, up to 12 months. Repeat late filers face steeper penalties with 10 per cent of balance owing and an additional two per cent, up to 20 months.
On top of that, daily interest is charged on any unpaid amount. To sum it up, the longer you wait, the more it can cost, but staying on top of it now can help limit the consequences later.
The good news is that filing late is far better than not filing at all. Even if you can’t afford to pay your full balance right away, submitting your return as soon as possible helps stop penalties from increasing. If you’re able to make a partial payment, that can also reduce the amount of interest you’ll pay over time.
How to catch up if you’re running behind on filing
If you’re expecting a refund, you won’t face late-filing penalties, but delaying your return can still have repercussions. Filing late can hold up your refund and interrupt access to benefits like the Canada Child Benefit, Groceries and Essentials Benefit, or Old Age Security payments. It can also affect your future tax planning, including RRSP contribution room and any credits you may want to carry forward, as the CRA will not have the necessary prior year information assessed and filed.
For those who may have fallen behind on taxes for more than one year, there are strategies to help you catch up. Filing your oldest return first can unlock credits like tuition, losses, or unused RRSP room, which may help reduce what you owe in more recent years. And if your delay was due to financial hardship or extraordinary circumstances, you may be eligible to request relief from penalties or interest through the CRA.
File late, minus the stress
If the idea of filing late feels intimidating, you’re not expected to figure it all out on your own. Tax filing software like TurboTax is designed to make the process easier, even if you’ve missed the deadline.
With TurboTax DIY, you can automatically import your CRA data, identify eligible deductions and credits, and get real-time guidance as you complete your return.
For those who want extra support, there are flexible options available. You can connect with a tax expert through TurboTax Expert Assist for help along the way, or choose TurboTax Expert and have a Canadian tax expert prepare and file your return for you, often in as little as one day. Even after filing, support is available if you need help responding to the CRA or making updates to your return through TurboTax’s ReFILE.
At the end of the day, missing the deadline isn’t ideal, but it’s completely manageable. The sooner you file, the more you can reduce penalties, avoid delays, and move forward with peace of mind.
