⬇️ Did you know? ⬇️
The deadline for filing your income tax return is June 15th if you’re self-employed. However, you must still pay taxes owing by April 30th. If your taxes owing is more than $3,000 in the current or previous two years, you will be required to pay quarterly installments. There could be interest and penalties incurred by the CRA if you miss meeting your income tax filing and payment deadlines.
To avoid being hit by a huge tax bill or missing deadlines, it may be wise to make it a habit of estimating taxes owing based on your income throughout the year and making monthly or quarterly tax payments to the CRA by setting them up as an online vendor via online banking.
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