When are Canadian taxes due 2018? This is a common question among Canadian taxpayers who are looking to ensure they meet their filing deadlines and avoid any penalties or interest charges. Understanding the tax filing deadlines is crucial for both individuals and businesses to maintain compliance with the Canada Revenue Agency (CRA) regulations.
The Canada Revenue Agency (CRA) sets specific deadlines for tax filing and payment, and these deadlines can vary depending on the type of taxpayer and their specific circumstances. For the 2018 tax year, the general deadlines are as follows:
For individuals:
– The deadline for filing a tax return for the 2018 tax year was April 30, 2019. However, if you live in a province that has a provincial sales tax, the deadline is extended to May 1, 2019.
– If you are self-employed, the deadline for filing a tax return is June 15, 2019. However, you must still pay any tax owing by April 30, 2019.
For corporations:
– The deadline for filing a corporate tax return for the 2018 tax year is six months after the end of the corporation’s fiscal year. For most corporations, this would be March 1, 2019.
– Corporate tax payments are due on the 15th day of the month following the end of the corporation’s fiscal year. For example, if your fiscal year ends on December 31, 2018, your payment would be due on January 15, 2019.
It is important to note that these deadlines are for filing tax returns, not for paying taxes. Taxpayers are required to pay any taxes owing by the respective deadlines to avoid penalties and interest charges. If you are unable to file your tax return by the deadline, you can request a filing extension, but you must still pay any taxes owing by the original deadline.
Penalties and interest charges can be substantial, so it is essential to be aware of the tax filing deadlines and take the necessary steps to comply with the CRA regulations. Here are some tips to help you stay on top of your tax obligations:
1. Keep track of your tax documents and receipts throughout the year to ensure you have everything you need to file your tax return.
2. If you are self-employed or have other sources of income, consider hiring a tax professional to help you navigate the complexities of tax filing.
3. Use online tax software or the CRA’s My Account service to file your tax return and make payments online.
4. If you are unable to meet the filing deadline, request an extension as soon as possible to avoid penalties and interest charges.
By understanding when Canadian taxes are due for the 2018 tax year and taking the necessary steps to comply with the CRA regulations, you can ensure a smooth tax filing process and avoid any unwanted financial penalties.
