As the 2025 tax season nears its final stretch, it’s crucial to stay on top of your obligations to avoid unnecessary financial penalties and interest. The Canada Revenue Agency (CRA) has set April 30, 2025 as the final deadline for filing and payment for individual tax returns. Missing this deadline could cost you more than expected
Who Needs to Act?
If you fall into one of the following categories, you must take immediate steps:
You have not yet filed your 2024 tax return.
You owe taxes and haven’t made a payment yet.
Failing to act could result in accumulating penalties and interest that add up quickly.
Penalties for Late Filing:
If you do not file your return by April 30, the CRA will impose a late-filing penalty. This includes:
5% of the balance you owe immediately.
An additional 1% for each full month the return is late, up to a maximum of 12 months.
If you have a history of late filing, the penalties could be doubled.
Interest on Unpaid Balances:
In addition to penalties, the CRA begins charging daily compound interest starting May 1, 2025 on any unpaid amount. The effective annual rate is approximately 10%, which can exceed typical credit card interest rates.
Steps to Avoid Penalties:
To ensure you’re not hit with late fees or interest, take the following actions:
- File your 2024 tax return by April 30, 2025.
- Pay any taxes owed in full, if possible.
- Reach out for professional support if you’re unsure about your situation or need help completing your return.
We’re Here to Help
At Serving People Group, we provide personalized tax filing services to help you meet your obligations with confidence. Our expert team can:
File your tax return accurately and on time
Help you understand any amounts owing
Offer guidance on payment options and tax planning
Contact Us
📞 866-514-6979
🌐 www.spgtax.ca
Don’t wait until the last minute!
