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It’s a common question, no matter where you may live. Whenever spring rolls around people begin to wonder what the magic date is for that year. Many do know but quite a few always ask- when is income tax due in Canada? Depending on how you file and whether or not you maintain a business can have an effect on when your taxes are actually due. For most people in Canada, if you are simply doing a return for yourself, you must have them done on or before April 30th of the following year. For example, for the tax year of 2011, you need to have your paperwork completed and mailed by the thirtieth of April, 2012. There is a downside to not having everything in on time. If you file late, there very well could be a delay if there are any payments owed to you. Items such as the Canada Child Tax Benefits payment or the Old Age Security benefit that you may be entitled to can be delayed by filing your taxes late. For persons who may be self-employed or run their own business, the due date for the taxes can be different from others. People who fall into this category have until on or before June fifteenth of the following year as their due date. There is a provision to this, however. Even if you or your spouse ran a business on your own, you may still have a due date as everyone else. If you have a balance owing money for the previous tax year, you must pay the balance owing by April thirtieth. Another situation that may alter when your income tax is due involves deceased persons. If you are the executor or administrator of an estate for a person who died during the year, you may have to file taxes for that individual. Not only are separate documents required, but the dates may differ as to when they must be turned in. If the individual passed away between the dates of January first and October thirty-first, then taxes must be filed on their behalf by the same date as everyone else, on or before April thirtieth. If the passing occurred from November first to December thirty-first of the previous calendar year, then the final return is due six months after the date of death. It is important to keep this in mind when filing. No matter what your personal situation may be, it is vital to know the answer to the question of when is income tax due. There are ramifications to not being aware of the date by which you have to file. You would hate to have to pay penalties or, if you are owed money, have a delay in getting what you have earned because you were unaware of the dates. If you need help remembering, you should seek a professional service to guide you. Are you looking for more information regarding income tax due? Visit http://smallbizproscalgary.ca/ today!
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