You should file your taxes by April 30th, 2024, which is the deadline for most Canadians. However, if you or your spouse/common-law partner are self-employed, you have until June 15th, 2024. It's crucial to note that if you owe taxes, it's wise to file and pay by April 30th to avoid interest charges.

Filing taxes late incurs a penalty of 5% of your 2023 balance owing, plus 1% of your balance for each full month your return is late, up to a maximum of 12 months. It's essential to file on time to avoid these penalties.

No, it's not too late. You can make adjustments to your tax return even after filing. This ensures you claim all eligible deductions and credits accurately.

Yes, any income earned, including cash gigs and tips, is subject to income tax. Failing to report this income constitutes tax evasion, which is illegal.

Yes, income from side hustles is taxable. It's essential to report all earnings to avoid penalties for tax evasion.

Tax evasion is illegal and involves not declaring true income or falsifying information on tax returns. Tax avoidance, while legal, involves minimizing taxes within the bounds of the law. NJ Accounting Consultants Inc. promotes tax planning, using legitimate methods to reduce taxes while adhering to legal principles.

No, a tax refund is the money returned to you if you overpaid taxes, while a tax return refers to filing your taxes.

Electronically filed returns typically result in refunds within two weeks, while paper returns may take up to eight weeks.

Tax deductions reduce taxable income, while tax credits directly reduce the amount of tax owed.

Some tax credits to be aware of include the home buyers' amount, donations and gifts, tuition, education, and textbook amounts, and interest paid on student loans.

In Canada, you cannot file joint tax returns. Married or common-law couples file separately.

Options include married, living common-law, widowed, divorced, separated, or single. It's crucial to update your status with the CRA if it changes.

No, the method of filing does not affect the likelihood of being audited. However, certain factors may increase audit risk, such as significant changes or inconsistencies in tax filings.

TurboTax and other tax software can be helpful for filing taxes, but whether it's worth it depends on individual preferences and needs.

NJ Accounting Consultants Inc. offers personalized tax assistance and guidance to ensure clients accurately file their taxes. With experienced professionals and innovative tools, we're here to support you every step of the way.