This is the time of the year we gather all our tax forms, personal/business receipts, load up our tax software, or head off to our tax preparer. In about a 30 minutes is the moment of truth.
Will you owe this year?
For many the reality is you will owe tax. So what do you do now?
I’m not tax preparer, but since I’m involved in financial industry I get the question all the time. The simple answer is to not avoid the Canadian Revenue Agency.
“If you have been shocked to find a balance due rather than a refund, be sure to file your return before midnight April 30 to avoid late filing penalties. This is an important first step in keeping more money, even if you can’t pay your bill immediately.” – Knowledgebureau.com
Here is a great article that you may find useful – http://www.knowledgebureau.com/index.php/news/article/what-if-your-refund-is-a-balance-due