Canada Revenue Agency

Canada Revenue Agency

May 23, 2012 15:41 ET

Tax Tip/It's in Your Best Interest: File Your Income Tax and Benefit Return as Soon as Possible

OTTAWA, ONTARIO--(Marketwire - May 23, 2012) -

Did you know?

Even if you missed the April 30 filing deadline, there are still many reasons why you should file your 2011 income tax and benefit return as soon as possible.

Why is it important to file as soon as possible?

- If you didn't file your return on time and have a balance owing, a late-filing penalty will apply. However, filing your return and paying your balance owing as soon as possible will help you save money by avoiding more interest and penalty charges.

- You must file a return for 2011 if you want to begin or continue receiving certain benefit payments including the GST/HST credit and the Canada child tax benefit. If you do not file your tax return, your payments may stop.

- If you are expecting an income tax refund, you will only receive it once you file.

And remember…

- If you do owe, you can pay your balance owing online using the Canada Revenue Agency's (CRA) My Payment service or through your financial institution.

- If you discover that you missed something, like an investment slip you forgot about or a charitable donation you wanted to claim-or if you received a slip after you filed-you can ask for an adjustment online using the My Account service.

- Regardless of the filing method, make sure you keep receipts to support your claim.

- The CRA is aware that sometimes taxpayers face circumstances beyond their control that prevent them from meeting their tax obligations. When these circumstances arise, individuals may qualify for taxpayer relief. For more information, go to www.cra.gc.ca/taxpayerrelief.

CRA online services make filing easier

With the CRA's online services, you can file your return, track your refund, and change your personal information. You can also sign up for direct deposit to receive your refund in your account at your Canadian financial institution-no more waiting for cheques to arrive in the mail. It's fast, easy, and secure. For more information, go to www.cra.gc.ca/getready.

Stay connected

To receive updates when new information is added to our Web site, you can:

- Follow the CRA on Twitter - @CanRevAgency

- Subscribe to a CRA electronic mailing list.

- Add our RSS feeds to your feed reader.

You can also visit our YouTube Channel for tax-related videos.

Contact Information

  • Noel Carisse
    Media Relations
    Canada Revenue Agency
    613-952-9184