So, it’s past the April 30th deadline, or June 15th, or past one of the many corporate tax deadlines, and you’ve missed the filing deadline. If you’re wondering whether filing taxes late in Canada is ever acceptable, you’re not alone. While the default advice is to file on time, there are real situations where waiting a bit longer is actually the more strategic move. Watch the video below, or read the transcript, to get my quick explanation on when it may make sense to delay, how to reduce CRA penalties, and what to consider before hitting submit.
Video Transcript: Filing taxes late in Canada: When it might actually make sense
Is it ever okay to file your taxes late?
Normally speaking, filing your tax return late is not a great idea.
There are exceptions to this, though.
Perhaps we don’t have the information we need to file the return properly. Or maybe the information came in too late to meet the deadline. All’s not lost.
While filing late may attract some extra attention — and potentially even invite an audit — in some cases, it may still be the better alternative.
You might:
- Make a tax estimate and pre-pay to reduce penalties
- File an initial return knowing it may need to be amended soon after
Sometimes, doing it right just takes a little more time — and filing late with intention can actually be more strategic than rushing an incomplete return.
This is definitely something to discuss with your tax advisor.
I’m George Dube, saving the world from tax, one bow tie at a time®.
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Check out the next video in the series.
I want to help you do wonderful things®.
-End transcript-
Resources
For additional resources related to how to maximize tax deductions, see:
- 2025 tax season tips: How to save more this year
- Unhappy with your tax bill? How to fix it for next year
- Adjusting your tax return in Canada: What CRA likes and hates
More questions?
Still have questions? I want to help you Do wonderful things®, so please contact me today.
Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
