For the 2023 tax year, the submission deadline is set for May 1, 2024, with no immediate repercussions anticipated amid the ongoing Canada Revenue Agency (CRA) worker strike. However, individuals falling under the categories of small business owners, the self-employed, and their spouses are granted an extension until June 15 to complete their tax filings. It's noteworthy that self-employed individuals with outstanding payments to the CRA must still settle their dues by May 1. Late filing incurs penalties equivalent to 5% of the owed amount, coupled with an additional 1% per month, featuring compounding interest commencing the day following the deadline. Meeting the deadline, even if unable to fulfill payment obligations, is advised to avoid penalties. Under certain circumstances, penalties and interest can be waived or cancelled; nonetheless, failing to file may impact eligibility for future benefits and may lead to potential tax evasion charges. Additionally, neglecting to file taxes can result in the forfeiture of potential refunds and benefits, including the doubled GST credit.
