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At Vault CPA, we provide personal tax services that go beyond return preparation, helping individuals, families, and professionals plan for lasting tax efficiency. From optimizing deductions and managing investment income to addressing CRA inquiries and ensuring compliance, we deliver precision and clarity for confident financial results.
At Vault CPA, we provide personal tax services that go beyond return preparation, helping individuals, families, and professionals plan for lasting tax efficiency. From optimizing deductions and managing investment income to addressing CRA inquiries and ensuring compliance, we deliver precision and clarity for confident financial results.
Most individuals must file their personal income tax return (T1) by April 30 of each year. If you or your spouse is self-employed, the filing deadline extends to June 15, but any balance owing must still be paid by April 30 to avoid interest and penalties.
Self-employed taxpayers have until June 15 to file, but the payment deadline remains April 30. Interest begins accruing immediately after this date on unpaid balances, making it essential to estimate and remit taxes on time even if your return is filed later.
Rental and investment income must be included in your annual T1 return, due April 30 for most individuals. To prevent interest charges, any tax owing on this income must also be paid by April 30, regardless of when your return is prepared or submitted.
Late-filed returns are subject to a 5% penalty on the balance owing, plus 1% per month for up to twelve months. Interest on unpaid taxes begins May 1, emphasizing the importance of meeting both the filing and payment deadlines to avoid additional costs.
