Filing on Time (aka, adulting)

Taxes are due April 30th each year. If you owe, and file on time, your amount due is due April 30th. If you owe and file late, you will be charged a 5% penalty and be charged interest each month. Avoiding these extra fees is only one great reason to file on time. Another reason is having all the information needed for filing. In a world of logging in, no post mail, and making accounts to find slips, the process of finding documents is harder as time goes by. Maybe you don’t even remember what you’re looking for, maybe you aren’t employed by the same place anymore and are locked out of getting documents, maybe you were on EI or WSIB and can’t get those slips because you don’t have access. Sometimes, if you have changed your name, your slips may not be available due to the name change. All of these problems can hold up completing the filing. Keep on top of things. Make a list, make a drawer, make a folder, beware of what you’re looking for. Even if you have access to CRA My Account, there may be something unavailable or missing. If you don’t even know what you’re looking for or expecting to find, you’ll be lost. Missing slips and unreported information can cause time delays, and hassles with CRA.