Self-Employment Tax Return Deadline⏰: June 15th

This week I am talking about yet another deadline. If you report self-employment income on your personal income tax return then your last chance to avoid a late filing penalty for 2021 is to file your return by June 15, 2022. If you don’t report self-employment income personally, then it is too late for you to file on time. However, you should still file the return ASAP as the penalty for late filing goes up each month and the interest increases each day. For the purposes of the June 15 filing deadline a person is only considered to be self-employed if they report the income on the personal tax return. I am self-employed, but all of my businesses are incorporated so my return was due on May 2 this year and was one of the last ones filed on that day.

There are two ways to avoid a late filing penalty, one is to file the return on time and be able to prove it, and the other is to pay your taxes on time so when Canada Revenue Agency levies the penalty they are charging you a percentage of nothing, which will be nothing. If you are late but you do not owe money, then the penalty is zero.