{"id":124,"date":"2025-07-12T20:15:37","date_gmt":"2025-07-12T20:15:37","guid":{"rendered":"https:\/\/www.worldpumpnews.com\/?p=124"},"modified":"2025-07-12T20:15:37","modified_gmt":"2025-07-12T20:15:37","slug":"the-tax-deadline-for-self-employed-canadians-is-days-away-what-to-know-national","status":"publish","type":"post","link":"https:\/\/www.worldpumpnews.com\/?p=124","title":{"rendered":"The tax deadline for self-employed Canadians is days away. What to know – National"},"content":{"rendered":"

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The tax filing deadline for most Canadians this year was April 30, but there is still a bit more time given to individuals who are self-employed or have a spouse or common-law partner who is self-employed.<\/p>\n

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But the clock is ticking with just days to go, and it is critical to make sure that returns are filed on time and accurately, experts say.<\/p>\n

\u201cThey get a bit of extra time (compared with individuals filing in April) just because it\u2019s a little more involved preparing these returns \u2026 to calculate business income and do all the accounting,\u201d says Ryan Minor, director of tax at Chartered Professional Accountants of Canada.<\/p>\n

\u201cThe final payment is still due April 30. So in April, they should estimate the amount of taxes that are owing and send it in, even though the returns are due a little bit later.\u201d<\/p>\n

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This means that although there are still a few days to submit the returns to the Canada Revenue Agency, the amount that may be owed would have still been due by April 30 of this year, and not paying or filing on time could mean significant fees on top of the original amount owed.<\/p>\n

\u201cThe penalties (for missing a deadline) are horrendous \u2014 a five per cent penalty off the top for missing the deadline, and upward from there,\u201d Minor says.<\/p>\n

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There are also a lot of areas that business owners and self-employed individuals may be overlooking, and filers need to be sure they cover all the necessary areas with time to spare.<\/p>\n

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\u201cCertain things are commonly missed, like a home office expense, automobile expenses, capital cost allowance, where businesses might buy equipment or what they (the CRA) call these \u2018capital assets,\u2019 there are expenses that have limitations like meals and entertainment, there\u2019s so many rules,\u201d Minor says.<\/p>\n

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As many self-employed individuals continue to crunch their numbers ahead of the deadline, the CRA is available to answer questions, but getting through can sometimes prove challenging.<\/p>\n

\u201cIt takes hours to get through sometimes, and dropped calls\u2026. Most of the complaints we hear are about are the individual inquiries lines, but I imagine on the business side they may have similar issues \u2014 especially if there\u2019s cutbacks,\u201d Minor says.<\/p>\n

In May, the CRA said it planned to cut hundreds of positions, in addition to several other rounds of job cuts since last year, adding up to more than 3,000 job losses. This means there may be fewer staff members available to assist self-employed individuals with their returns in the days leading up to the filing deadline.<\/p>\n