If you haven’t done your taxes yet, no need to worry, Canadians will have until May 2 to file their tax return this year. The reason for the deadline not being on April 20 is because it falls on Saturday. For Canadians who are self-employed, that deadline is June 15. If you file late and are expecting a net positive return, it can delay any money you’re getting back.
An associate professor of accounting at the University of Waterloo Andrew Bauer explained its the financially savvy thing to do your taxes as soon as possible. Bauer said “our refund is an interest-free loan that you gave to the government, … The longer you wait to get your money back, the more opportunity cost is being wasted.”
Filing too early can also have some drawbacks. Sometimes it can result in missed information, such as an income slip or a deductible you can claim, said Bruce Ball. Ball is the vice president of taxation at the Chartered Professional Accountants of Canada.
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