Tax Filing Deadline for Self-Employed Individuals
If you or your spouse/common-law partner are self-employed, your 2024 income tax return is due by June 15, 2025. However, any balance owing must have been paid by April 30, 2025. File on time to avoid late filing penalties.
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Who needs to pay taxes by April 30?
All Canadian taxpayers must ensure their taxes owed for the previous year are paid by April 30 to avoid interest charges. This includes employed, self-employed individuals, and those with other sources of income.
What happens if I miss the April 30 deadline?
If taxes owed are not paid by April 30, the Canada Revenue Agency (CRA) will apply interest on the outstanding amount. It's important to pay on time to avoid these additional charges.
I'm self-employed. When is my tax return due?
Self-employed individuals and their spouses or common-law partners have until June 15 to file their tax returns. However, any taxes owed must still be paid by the April 30 deadline.
What if I need more time to file my tax return?
If you cannot meet the filing deadline, it's still important to pay any estimated taxes owed by April 30 to avoid interest. While you can't extend the payment deadline, filing late without payment will result in late-filing penalties in addition to interest on owed taxes.
Are there penalties for filing taxes late?
Yes, if you owe taxes and file your return late, the CRA will charge a late-filing penalty. The penalty is 5% of your balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months.
How can I find out how much I owe or get help?
You can check your tax account balance online through the CRA’s My Account service, contact the CRA directly, or seek assistance from a tax professional.
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Disclaimer: Information and projections are based on governmental and credible sources for general guidance only. Future projections are estimates and may vary. We are not liable for reliance on this data. Ontario Economic Data Table and Chapter 2: Economic Performance and Outlook.
Ontario 2019-2026: Economic Growth vs. Inflation
This graph encapsulates the economic trends in Ontario from 2019 to 2026, focusing on Real GDP growth and inflation rates. It illustrates the province’s recovery post-2020 economic downturn and projects a steady growth trajectory into 2026, amidst global economic fluctuations Ontario Budget 2023. The graph also sheds light on inflation’s impact, notably the sharp rises in energy and food prices, offering a nuanced view of the challenges and resilience within Ontario’s economy Ontario Economic Update. This visual narrative provides essential insights for informed financial and strategic planning in a changing economic landscape Ontario Chamber Report.
-4.8%
GDP Decline
2020 Downturn
+5.1%
GDP Increase
2021 Rebound
7.13%
Peak Rate
2022 Inflation
+2.8%
Rate rise
2026 GDP Stability
-4.8%
GDP Decline
2020 Downturn
+5.1%
GDP Increase
2021 Rebound
7.13%
Peak Rate
2022 Inflation
+2.8%
Rate rise
2026 GDP Stability
The 40/30/20/10 Financial Framework: Balance and Growth
Optimize your finances with the ’40/30/20/10 Rule’: 40% for essentials, ensuring stability; 30% for lifestyle, maintaining enjoyment; 20% for savings, focusing on future growth; and 10% for tax planning and debt reduction, leveraging our expertise for your financial health.
Disclaimer: The ’40/30/20/10 Financial Framework’ is a general guideline. Individual financial situations vary greatly. Consult a professional advisor to tailor advice to your unique circumstances.
