It’s tax deadline day for most Canadians. Why it’s important to file now | Breaking News and Top Canadian Stories

It’s tax deadline day for most Canadians. Why it’s important to file now — For most Canadians, Wednesday is the last day to file yourtaxeswhich is especially important if you need to avoid late penalties and interest on amoun...

For most Canadians, Wednesday is the last day to file yourtaxeswhich is especially important if you need to avoid late penalties and interest on amounts owing.

The deadline for self-employed workers to file to theCanada Revenue Agencyis June 16, though interest on any outstanding balances begin accruing after today.

Late tax filers could see a five per cent penalty on their balance owing and an additional one per cent for each full month that they delay filing after the due date, to a maximum of 12 months.

Tax experts say it’s still important to file your taxes on time even if you can’t pay the amount owing in order to avoid an even higher bill from late-filing fees.

This tax season was mired in confusion over the Trudeau-led government’s proposed capital gains inclusion rate hike, which was later cancelled by Mark Carney when he took over as prime minister.

The CRA estimates it will ultimately receive more than 20 million tax returns this year.