Despite the ongoing Canada Revenue Agency (CRA) strike, the May 1st deadline for filing your 2022 taxes has not been extended. But there’s no need to panic – filing your taxes as soon as possible can still help you avoid additional penalties and make sure that you receive important benefits.
If you’ve missed today’s deadline because you thought it would be extended as a result of the strike or you couldn’t get the support you needed, find out how MMT Professional Chartered Accountants can help you get back on track.
Filing late means you’ll be subject to a late filing fee of 5% of your balance owing, and could delay credits and benefits owed to you. But the sooner you file, the better. Another 1% penalty will be levied for each additional month after the deadline, to a maximum of 12 months (or a total of 17%).
Filing electronically is one way to reduce the impact of the strike on your tax file. Per the CRA’s website, electronic submissions will be processed automatically. If you’ve missed today’s deadline, though, it can be beneficial to contact an experienced tax accountant to assist in filing your taxes quickly and accurately. We’ll even help you access any taxpayer relief provisions that may apply.
This is an unprecedented year for Canadians, but it’s still essential to file your taxes without delay. Contact us if you’re feeling stranded or stressed. Our tax accountants are ready to ensure that your taxes are filed as soon as possible, so that you’ll face minimal penalties and avoid having your refund significantly delayed.
Even though taxes are due today, it’s not too late to contact a tax accountant at MMT Chartered Professional Accountants. We’ll help you complete your 2022 tax return, and set you up with strategies for the year ahead. Don’t pay more than you need to – trust MMT to minimize your tax burden and ensure you’re not subject to future penalties for filing late.