Ashley Payne is an Insolvency Advisor with BDO Debt Solutions here in Corner Brook. She says people need to focus on getting their taxes done before the deadline to avoid interest and penalties.
Tax season is underway and the Canada Revenue Agency is now accepting returns. Ashley Payne is an Insolvency Advisor with BDO Debt Solutions here in Corner Brook. She says people need to focus on getting their taxes done before the deadline to avoid interest and penalties. The deadline for filing for most Canadians is April 30, which is also the deadline to make a payment on money owed to the CRA. If you are self-employed you have until June 15th to file your return, however, self-employed Canadians who owe, are still required to pay their taxes by the April 30th deadline or face interest.
Payne says a return is not a bonus, but rather the government giving you your own money back and while it may be tempting to use the funds towards a ‘want’ like a well-earned vacation, it may be better to focus on paying down debt, paying outstanding bills, starting an emergency fund, or investing in your financial future.
Payne says a refund should be used to pay down debt or an emergency fund. With two things guaranteed in life, death and taxes, Payne says if anyone is struggling to pay outstanding taxes reach out to the CRA for help with setting up a payment plan.
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