Some young Torontonians may have delayed filing their 2023 income tax return, perhaps anticipating a refund. However, if they do owe money, they promptly expose themselves to late-filing penalties and accrued interest on the outstanding balance.

 

Key Points

Furthermore, although many recently self-employed individuals are aware they have until June 15 to file, they often overlook that any owed taxes were actually due by April 30.

Another common oversight is that many newly self-employed individuals did not remit any instalments to CRA along the way last year. As a result, their taxes owing can be quite substantial.

Advice For Taxpayers

If you think you may owe income taxes to CRA, even though you may wait until June 15 to file your taxes, you should start making instalments immediately to cut down on the interest penalties to come.

The Takeaway

Now more than ever it is easy to check your status at CRA. Everyone should have a CRA Your Account and now you do not have to wait ten days for a validation code to arrive by snail mail. You can log in immediately, providing you have your last tax return and notice of assessment in hand.

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Toronto News

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