Tax Deadline Is April 30 For The 2007 Tax Season

 Tomorrow is tax deadline. Here is what you need to know:

• Tomorrow is the deadline to file 2007 tax returns.

• If you have a balance owing, and you don’t file by tomorrow, you will be paying compound daily interest starting May 1, 2008 on unpaid balances.

• The interest penalty rate is 8% annually.

• If you owe tax and late file, you will be paying late-filing penalty.

• Your penalty is 5% of the balance owing + 1% of the balance owing for each late month (up to a maximum of 12 months).

• If your line 435 is more than line 482, enter the difference on Line 485. This amount represents your balance owing.

 Tip 

If you cannot afford to pay your full balance owing, still file your return before due date. Thus, you will be avoiding paying a late-filing penalty.  Visit these CRA links for more info: Important dates for 2007 and Balance owning.