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Posted on May 1, 2012

Filing due dates for the 2012 tax return

Written by aptax | @AvnerPolatsek

CANADA

Generally, your return for 2012 has to be filed on or before April 30. Filing late can have an effect on your GST/HST credit, Canada Child Tax Benefit payments, and Old Age Security payments. If you or your spouse carried on a business in 2010, your filing due date is June 15. However, you must pay any tax due before April 30. Failing to do so will result in penalties and interest. If you carried on a business whose expenditures are primarily in connection with a tax shelter, you must file on or before April 30.

USA

The due date for filing a US Federal tax return is generally, April 18. Citizens living abroad have an automatic extension until June 15. Citizens who elect to file after April 18 will pay interest on their tax liability. You can also use form 4868 to extend the filing due date until October 15; however, you must pay any tax due before April 18. Failing to do so will result in penalties and interest. If you are planning on filing late, be sure that you have no tax liability.

Please call Avner Polatsek for a free initial consultation.

TAX TIP: The penalties for filing late in the USA can be up to 100% of your tax due. The penalties for filing late in Canada can be up to 50% of your tax due. In addition, both countries charge interest on any balance owing.