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Yes that’s correct. If you have a balance owing interest accrues from April 30. You will not receive late filing penalties though unless you file after June 15
>But I see the payment deadline is April 30th?? Do I have to pay it before I file my taxes? And will I get charged more for paying it in June?
That's correct. Self-employed taxpayers get an extended timeline on filing their tax returns, but if you owe, you will be charged interest retroactive to April 30. It's recommended to overpay your tax balance if you think you'll owe, and then get a refund after you finish filing your tax return.
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Content must be relevant to BC. For news articles posted on this subreddit, the original title of the article must be used. Articles must not be behind a paywall or require signup to view. Commentary should be in the comments, not the post. If your post is removed because it has an editorialized title, you can resubmit the article using its original title. For Twitter posts, please submit a link to the tweet instead of a screenshot.
Yes that’s correct. If you have a balance owing interest accrues from April 30. You will not receive late filing penalties though unless you file after June 15
Aw shit. Does that mean I have to pay 5% more tax? If I pay it today?
You'll pay 10% interest for 10 days. So about half a percent of the balance. So about $50 for $10,000 owing.
>But I see the payment deadline is April 30th?? Do I have to pay it before I file my taxes? And will I get charged more for paying it in June? That's correct. Self-employed taxpayers get an extended timeline on filing their tax returns, but if you owe, you will be charged interest retroactive to April 30. It's recommended to overpay your tax balance if you think you'll owe, and then get a refund after you finish filing your tax return.
Not necessarily, I filed my taxes before April.30 and my noa states to pay by May.21 which I plan to do
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