Don’t File Late: Smart Tax Moves You Can Make Today (with Help from STP)

Tax season in Canada can sneak up quickly, and filing late can come with serious consequences. Whether you’re a small business owner, self-employed, or managing personal finances, missing the tax deadline can result in penalties, missed opportunities, and unnecessary stress.

At STP Accounting, our goal is to help you stay organized, informed, and ahead of the game. Here are some smart tax moves you can make today to avoid late filing and ensure a smoother tax season. 

1. Know Your Deadlines

In Canada, the deadline for most individuals to file their tax return is April 30. If you're self-employed, you have until June 15 to file, but any taxes owed are still due by April 30. Missing these deadlines can trigger penalties and interest, so mark your calendar and plan accordingly.

2. Get Organized Early

One of the most common reasons for delayed filing is disorganization. Don’t wait until the last minute to start gathering your documents. Begin compiling:

• T4, T4A, and T5 slips

• RRSP contribution receipts

• Childcare and medical expenses

• Business income and expense records

• Investment and rental income details

STP Accounting can help you sort and review everything to make sure nothing gets missed.

3. Take Advantage of Deductions and Credits

Many Canadians overlook tax deductions and credits that could significantly reduce their tax bill. Some key items to consider include:

• RRSP contributions made before the March 1 deadline

• Medical expenses

• Home office deductions (for self-employed and remote workers)

• Tuition and education credits

• Canada workers benefit and GST/HST credits

Our team ensures you claim everything you’re eligible for, so you don’t leave money on the table.

4. Avoid CRA Interest and Penalties

The CRA charges a late-filing penalty of 5% of your balance owing, plus 1% for each month the return is late (up to 12 months). Interest also accumulates on unpaid taxes. Filing on time—even if you can’t pay right away—can help you avoid those charges.

If you anticipate a balance owing and need help navigating payment options, STP can guide you through the process.

5. Work with a Professional

Tax laws are constantly changing, and every financial situation is different. Don’t rely on guesswork or generic software. Working with a knowledgeable accounting team ensures accuracy, compliance, and peace of mind.

STP Accounting provides customized tax services designed to meet your needs, whether you're filing as an individual, sole proprietor, or business.

Take Control of Tax Season with STP

By planning ahead and making smart financial moves today, you can avoid last-minute headaches and unnecessary penalties. Let STP Accounting help you stay on top of your taxes this year—with clarity, confidence, and expert support.

Contact us today to schedule your tax consultation and take the stress out of tax season.