The deadline to file your taxes is 11:59 p.m. Wednesday, April 30, and tax experts say you should make sure you get it done so you don’t incur any penalties.

Gerry Vittoratos from U-File says it has never been easier to get your taxes done quickly and there are a number of reasons why you shouldn’t procrastinate. “Whether you have a refund or a balance owing, it’s important. I mean, obviously the more critical one is the balance owing. So if you actually owe money to the government, you don’t want to be late, because, number one, any balance on you have is going to start accumulating interest as as of April 30, at midnight.”

“If you file late and you owe money, then what happens is also you’re going to slap with a penalty,” said Vittoratos. “And the penalty is basically 5% that is charged on the amount that you owe, and 1% for every month that you are late. So you don’t want to get into that situation.”

Vittoratos notes that those who are getting a refund, you might think that there’s no rush because there’s no penalty for filing late if the government owes you money, “which is true in this case. However, there’s two reasons why you would still want to file on time. Number one, there are benefits that are tied to your return.”

He says things like the Canada child benefit, GST credit for elderly, guaranteed income supplement, or even the new Canada dental plan. “All these are based on you filing your return. As long as you file on time, then the government will able to proceed to pay you those benefits.”

Vittoratos says that many Canadians are in tough financial situations right now with credit card debt and the like, so you might as well take that money the government owes you and put it to better use. “It’s better in your pocket than the government.”

Know your tax-filing and payment deadlines

Mark these dates in your calendar so you don’t miss any deadlines:

• April 30, 2025 – Deadline for most individuals to file their tax return and pay any taxes owed.
• June 15, 2025 – Deadline to file your tax return if you, or your spouse or common-law partner, are self-employed. Since this date falls on a Sunday, we will consider your tax return filed on time if we receive it on or before June 16, 2025. If you owe money, you will still need to pay by April 30, 2025, to avoid interest.

Before doing your taxes, find any deductions, credits, and expenses you may be able to claim to help reduce the amount of tax you have to pay.

If you have a balance owing, there are many different payment methods available to you, including online options. Even if you can’t pay your entire tax debt right away, filing by the deadline is important to prevent any disruptions to your benefits and credits and to avoid penalties.

To file online, you can use NETFILE-certified tax software. NETFILE is a fast and convenient option for filing your tax return online. We have a list of NETFILE-certified tax software products that are easy to use, fast, and secure. Some options are free!