June 1, 2020
At least once a month, I get a call from someone who is wondering what to do if they have not filed a tax return for awhile.
Here are some typical comments I hear:
“Is it a big deal?” (It might be.)
“But I do not owe taxes anyway, so why does it matter?” (How can you be sure if you have not filed your return?)
“The Government won’t notice.” (Cut to me putting palm on forehead.)
In this COVID-19 world, the Federal Government has granted a myriad of filing extensions for individuals, trusts, and corporations (see https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html for all the details). However, I am still a firm believer in filing tax returns on time wherever possible. In today’s post, I will review the top 5 reasons why you should file your return on time, and what you should do if you have fallen behind.