The personal income tax filing deadline for individuals and their spouses without self-employment income is May 2, 2016 (since April 30th occurs on a Saturday in 2016). Also the deadline to pay your personal income taxes whether you were self-employed or not, is May 2, 2016.
A simple check of your calendar will inform you that the deadline is getting really close!
If you have not completed your 2015 personal income tax return, what is stopping you?
It is never too late to complete your personal income tax return, but completing it after the deadline will open up the possibility of late filing fees and interest charges on any balances owing to the Canada Revenue Agency (CRA).
From my experience, I have developed a list of why people do not complete their personal income tax returns.
Top-Ten Reasons Why People Do Not Complete & File Their Personal Income Tax Returns:
#10 – I am afraid of the results; owing taxes.
#9 – I don’t know where to start, what do I need to file my taxes?
#8 – I can’t find my tax documents.
#7 – I have a family member / friend who promised to do it for me.
#6 – I can’t find the time.
#5 – I did not work in the taxation year.
#4 – I was a student in the taxation year.
#3 – I have not filed a tax return in 10 years.
#2 –The tax laws are too complicated.
#1 – I will get to it.
The excuses we make for not completing our taxes are similar to the excuses that we make to put off other things in our lives. We are simply justifying delaying the inevitable.
There is no need to fear the results or complexities of Canadian income taxes. Help is out there to get you through the process and to get you the best results possible, based on your particular set circumstances.
Seek professional help to complete your current and past years’ personal income tax returns.
As a general rule it is always best to seek the advice of a professional. If you have a tooth ache, go to a dentist, if you have a back ache go to a doctor, and if you are experiencing a “tax ache” seek out an accounting professional.
Using a family member or friend to perform these vital services could leave you a toothless person with both a back ache and tax problems. To state the obvious, this is not an enviable existence.
“Don’t just get it done, get it done professionally”.
It is advisable to seek professional advice to understand the tax laws that impact your particular situation, and to guide you through the complexities of Canadian Income taxes.
AWFS Consulting Inc. offers professional tax, business advisory, and accounting services to clients. The company’s mission is to offer financial leadership and support to clients in this ever-changing economic environment by empowering clients with financial knowledge.