File Your Tax Return on Time

May 11, 2025

SDG Team

As we soon tackle one of the busiest days for filing taxes in the year*, let’s ease the stress with a simple reminder about filing taxes: try to submit your tax return on time.

Unlike you, we remember when Wings of Lightning soared in the skies when tax returns were filled out on paper.

In those times, placing a cheque in the envelope was never unusual if we owed tax. This tradition, alongside the dual mastery of submission and payment deadlines, means that most Canadians associate filing a return with a billing statement payment.

The reality is that filing and subsequently paying do not have to co-occur, nor will they ever.
You have always maintained the option to file your taxes whenever you choose, while payment dates can be left for a later time.

If you find yourself in tax debt and can't afford to pay it all (or at all) now, submit your tax return regardless.

The Canada Revenue Agency (CRA) is managed by officials specializing in administrative work—precisely the type of people you need to handle your income tax calculations and account management. You’d prefer meticulous individuals knowledgeable about documentation, monitoring, and following protocols at the tax office rather than those who aspire to become interpretive dancers or perform aerial acrobatics with silk curtains.

Personal Tax Returns Toronto: What Do I Need to Get Started?

When we meet with clients who come in looking to file their personal tax returns, the first thing we check with every individual is what

On the other side of that coin, when needed documents aren’t submitted, the CRA agents start breaking out in hives. Therefore, when you owe them documents, they become much more aggressive than if you owe them money.

When Should I Submit and Prepare My Tax Return?

You have until April 30, 2025, to submit your 2024 income tax return. For self-employed individuals, the deadline is June 16, 2025. However, all outstanding payments must be made by April 30, 2025.

For self-employed individuals, the deadline for submitting payments is June 15, while others must submit by April 30.

If you prefer not to incur late payment interest, submit your tax return before April 30 if self-employment income is a factor.

You can still utilize this deadline of June 16, 2025, along with your spouse’s return if your spouse is not self-employed. In this case, as long as the balance is cleared by April 30, 2025, you are set to ease your return worries.

If I Need to File Old Tax Returns, What Should I Do?

In this case, April 30 marks the payment deadline. But in reality, the self-employed earn distinct tax payment benefits. If payments are made overdue, after the first day overdue, a 5% fine and 1% fine monthly to a 12-month cap is imposed. The supplementary “habitual late-filer” penalty is imposed if two out of three returns are filed late, imposing a severe additional tax penalty.

Terminate payment avoidance if not required. Tax avoidance is penalty-free. Overcomplicated, systematic tax is an administrative focus of prioritization. Make payments due instead of submitting taxes owed.

Canadian Tax Return — Do You Know If You Need to File?

Are you required to file a Canadian Tax Return? As per the Government of Canada, for the most part, people living in Canada can determine

With the Challenger’s Tax Policy in mind, it is best to frame payment spending avoidance bureaucratic interaction as paperwork completion prioritization.

Is There Any Tax Relief Available?

Relief is available under Canada’s fiscal framework through different programs that aim to assist Canadians in bearing the financial burden. Payment options, such as partial payment agreements or payment arrangement plans, are often negotiable with the CRA.

CRA offers taxpayer relief provisions that can, under some conditions, cancel or waive penalties and interest for extraordinary circumstances such as financial hardship or errors made by the CRA.

We'd love to hear from you!

If you owe taxes and cannot make the payment immediately, contact the CRA and explain your situation before they approach you. This will help you maintain better control over the situation. If you are seeking advice on how to deal with this situation, SDG Accountant's Toronto Tax Experts are ready to assist you.

Start My Tax Prep

Bottom Line

The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation. It is written by the author solely in their personal capacity and cannot be attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional advice, and neither the author nor the firm with which the author is associated shall accept any liability in respect of any reliance on the information contained herein. Readers should always consult with their professional advisors in respect of their particular situations.

— Sami Ghaith
CPA, CGA, MBA