The deadline to file 2009 taxes has just passed. For those procrastinators who have yet to get started, there is help available in the event you are going to file late. If you're delaying your return because you owe money, there are options. If you cannot afford to pay your entire bill at once, you can contact the Canada Revenue Agency at 1-800-959-8281. This will give you an opportunity to make payment arrangements.
We can all agree that filing our taxes is not something we want to do and the urge to delay can be strong. Claiming what you are entitled to can be incentive to file on time. If you have children in sport and can produce a $500 receipt that entitles you to a $75 credit. House repairs of $2,000 will give you $150 tax back and any donations you've made over $200 will spot you an extra $30 on your claim. If you're filing late or in a hurry, you will most likely miss some very important tax breaks, which means your money remains in the pocket of the government.
So, besides taking your time and filing stress-free to ensure you claim everything you can, there are several additional reasons to get these pesky taxes filed as soon as possible. The only exception to the April 30 deadline is if you or your partner is self-employed. The deadline for filing is then extended to June 15. If, however, you have a balance owing, the Canada Revenue Agency will charge you interest on the outstanding balance as of April 30 as well as slap you with a five per cent late-filing penalty, so once again, it may be a good idea to file by this deadline to avoid any late fee penalties. So, come May 1 for example, someone who owes $1000 will be charged an additional $50 for being late, as well, one per cent of your outstanding balance will be charged for each month your return is late. After 12 months, your file is sent to collections. The government actually keeps track of late-filers, so if you are continually late filing, your penalty fee could be as high as 10 per cent. However, the interest you receive from the Canada Revenue Agency on a refund is currently two per cent lower than the interest you are required to pay if you owe them money.
If you have put off paying your taxes, don't put it off any longer. Don't let procrastination mean more money out of your hands and into the hands of the tax man. What are you waiting for? Get filing!
Author Resource:
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