Some of the deductions, credits, and expenses you may claim when completing your tax return to reduce your tax owed are
- Spouse or common-law partner amount L30300
- Canada caregiver amount for spouse or common-law partner, or eligible dependant aged 18 or older L30425
- Amount for an eligible dependant L30400
- Canada caregiver amount for other infirm dependants aged18 or older L30450
- Canada caregiver amount for other infirm dependants under 18 years of age L30500
- Canada caregiver amount for infirm children under 18 years of age L30499 and 30500
- Adoption Expenses L32600
- Amounts transferred from your spouse or common-law partner L32600
- Eligible medical expenses you can claim on your return L33199 and 33099
- Disability Tax Credit
- Volunteer Firefighters’ amount
- Refundable medical expense supplement L45200
- Climate Action Incentive Credits
- Canada Training Credits
- Provincial Political Contributions
File your taxes on time every year
To continue receiving the benefit and credit payments that you are entitled to, even if you have no income in the year. If you have a spouse or common-law partner, they also have to do their taxes every year. Need a hand to complete your tax return ? Contact RNS.
Keep your personal information up to date
To make sure you are getting the right amount of benefits and credits, you must keep your personal information updated with the CRA.
Keep your supporting documents in case we ask for them
In the future, you might receive a letter from the CRA as part of the validation process , asking you to confirm your personal information.
Due dates and payment dates
- Mar 1: Deadline to contribute to a RRSP, PRPP, or SPP
- Apr 30: Deadline to file your taxes
- Jun 15: Deadline to file your taxes if you or your spouse or common-law partner are self-employed
Payment date for 2020 taxes
- Apr 30: Deadline to pay your taxes
Interest on taxes you owe
If you have a balance owing for the current tax year and are unable to pay it by the April 30 payment due date, the CRA will start charging you compound daily interest as of May 1, 2021. This includes any balance owing if your return has been reassessed.
The rate of interest the CRA will charge on current or previous balances can change every 3 months based on prescribed interest rates.
Penalty for filing your tax return late
If you file your tax return after the due date and have a balance owing, you will be charged a late-filing penalty. Filing late may also cause delays to your benefits and credit payments.
If you cannot pay your balance owing, you should still file on time to avoid being charged the late-filing penalty.
The late-filing penalty is 5% of your 2020 balance owing, plus an additional 1% for each full month you file after the due date, to a maximum of 12 months.
If the CRA charged a late-filing penalty for 2017, 2018, or 2019 and requested a formal demand for a return, your late-filing penalty for 2020 will be 10% of your balance owing. You will be charged an additional 2% for each full month you file after the due date, to a maximum of 20 months.