Canada Tax Filing Deadline Approaches April 30

April 30 is the deadline for most Canadians to file their taxes with the Canada Revenue Agency to avoid a 5% late-filing penalty on amounts owed, plus an additional 1% per month for up to 12 months. Self-employed individuals have until June 16 to file, though interest on any outstanding balances begins accruing after April 30. Tax experts emphasize that filing on time is important even if you cannot pay the full amount due, as this can prevent larger late-filing fees. This year’s tax season saw added confusion over a proposed capital gains inclusion rate hike, which was ultimately cancelled. The CRA expects to process over 20 million tax returns this year. More tax resources and filing information can be found on the CRA and Government of Canada websites.