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Missed the Tax Deadline? Here’s Why It’s Not Too Late to File

Mark Virgil Lofranco • 9 December 2024

If you missed the tax filing deadline and are feeling anxious, take a deep breath—it’s more common than you think, and it’s not too late to take action!



You can still file your tax return even after the deadline, and this article will walk you through the process to help you file confidently and minimize any potential penalties.



Can I Still File My Tax Return if I Miss the Deadline?



Yes, you can still file today!


Once you’ve completed your tax return, you can use NETFILE, an electronic tax-filing service that lets you submit your return directly to the CRA. NETFILE is available until January 24, 2025, so you’re still eligible to file.


TIP: If you expect a refund, filing late won’t lead to penalties or interest charges. However, if you owe taxes, it’s best to file as soon as possible to avoid late-filing penalties and interest charges.


What if I’m Self-Employed?


Self-employed individuals have until June 17, 2024, to file their tax returns. However, any balance owed must be paid by April 30, 2024, to avoid interest charges. So, filing early if you owe taxes is a smart move.


What Do I Need to File My Taxes?


If you have all your documents, slips, and receipts handy, you’re ready to file. Here’s a helpful checklist to ensure you don’t miss anything:


2024 Tax Filing Checklist
Get organized and tackle your taxes like a pro. This tax checklist ensures you have everything you need to file accurately.


What Happens if I Don’t Owe Taxes?


If you don’t owe taxes, you won’t face any penalties or interest. However, the CRA may withhold any refunds or delay benefit payments, such as the Canada Child Benefit (CCB) or GST/HST credit, until you file your return.


What Happens if I Owe Taxes?


If you owe taxes, payments are due by April 30, 2024. Filing late will result in penalties and interest starting May 1, 2024. You can also set up a payment arrangement with the CRA if you can’t pay the full amount at once.


How Do I Know if I Owe Taxes?


TurboTax automatically calculates this for you. Use our Free Income Tax Calculator 2023 to estimate your taxes owing or refund.


What Are the Late Penalties?


If you owe money and file late, the CRA charges a late-filing penalty of 5% of the balance due, plus an additional 1% per month (up to 12 months).


Example:
If you owe $2,500 and file your return 6 months late, your penalty would be $275 (5% + 6% of $2,500).

TIP: If you can’t pay the full amount, the CRA will accept late payments, but interest compounds daily on any outstanding balance.


Can I Make Installment Payments?


Yes, you can set up installment payments by contacting the CRA. Here are three ways to pay:

  1. Online banking: Set up the CRA as a payee in your online banking.
  2. CRA My Account: Make direct payments or set up installment plans.
  3. In-person: Pay at your bank with a remittance voucher.


Can I Cancel or Waive Penalties and Interest?


In certain circumstances, the CRA may offer relief from penalties or interest. You can request this using the CRA Voluntary Disclosures Program (VDP) to notify the CRA of any missed or incorrect returns, including previous years.


Remember, it’s never too late to get back on track with your taxes. The CRA is there to help, and so are we! You've got this.


Key Takeaways


  • You can file your tax return even if you miss the deadline.
  • Late filers may face penalties, but you can request interest relief in certain cases.
  • If you don’t owe taxes, there are no penalties for filing late.

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