Filing deadline: Mark your calendars

Did you know… that if you don’t file your 2009 income tax and benefit return by the deadline, you may face a penalty?

Important deadlines

Individual taxpayers have until midnight on April 30, 2010, to file their 2009 income tax and benefit return. If you or your spouse or common-law partner carried on a business in 2009, you have until midnight on June 15, 2010, to file your 2009 income tax and benefit return.

You have to pay any balance owed for 2009 on or before April 30, 2009, regardless of your filing due date.

You can use NETFILE or EFILE (if you use the services of a tax preparer) to file your return online. You can useTELEFILE to file your return by phone or you can complete the return on paper. Regardless of the filing method that you choose, make sure you have receipts and documentation to support the claims made on your 2009 return. Keep all your records for at least six years after the end of the taxation year to support your claims in case your return is reviewed by the Canada Revenue Agency (CRA).

Penalties

If you owe tax for 2009 and do not file your return by the deadline, you will be charged a penalty. The penalty is 5% of your 2009 balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months. The penalty may be higher if you were charged a late-filing penalty on a return for any of the three previous years. You will also be charged compound daily interest starting May 1, 2010, on any unpaid amounts owing for 2009.

Voluntary Disclosures Program

If you want to come forward and correct inaccurate or incomplete information or to disclose information you have not reported during previous dealings with the CRA, you can do so without penalty or prosecution under the Voluntary Disclosures Program by completing Form RC199, Taxpayer Agreement – Voluntary Disclosures Program.

New payment option

This year, you may be able to make one or more payments in one simple online transaction through the CRA’s My Payment service if you have access to online banking at a participating financial institution.

To find more information on this year’s filing season, go to www.canada.gc.ca/taxinfo.

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