Yesterday was April 30, and that means the deadline to get your taxes done is past. If your taxes aren't finished, you can expect to spend more money out of your pocket if you owe.
"If you didn't file your income tax already you're definitely not going to be in the government's good books," said Tere Stykalo, Partner & CPA/CGA at MNP Dauphin. "If you owe some money you're going to have some late filing penalties and you will also incur some interest charges on your taxes that you haven't paid so it's not a good thing."
Even if you didn't pay your taxes, you probably should, at your earliest convenience.
"Anyone can file all year long. People have things going on in life and some people just can't get down to the office and that's all a part of life," added Stykalo. "The government doesn't necessarily take legal action or anything like that immediately. It's just best to get your taxes filed and paid as soon as you can and that will save yourself some grief."
If you're a farmer or if you run your own business and you file a self-employment schedule on your personal tax return, the rules are a little bit different.
"You have until June 15 to file your taxes if you do qualify for that," added Stykalo.
That doesn't mean you won't pay any interest. If you owe money, you'll still be charged interest from May 1 - June 15 on the monies` you owe, you just won't be charged a late filing penalty.
