Filing Deadline for self-employed Individuals is June 15, 2016

As a reminder, individuals who carried on a business as a sole proprietor (or spouses of such individuals) are required to file their tax returns by midnight of this Wednesday, June the 15th if they have not already filed on the regular filing date of April 30th for most individuals.

The June 15, 2016 deadline for self-employed individuals does not relieve such taxpayers of remitting the full balance of taxes owing for the 2015 taxation year by the ordinary “balance-due day” of April 30th and interest from any outstanding balances will generally accrue from that date under subsection 161(1) of the Income Tax Act (Canada).

Prepared by: Ian Humphries

Ian Humphries is a partner working out of the Vancouver office of Thorsteinssons LLP. Ian joined Thorsteinssons after articling and practicing securities law at a national law firm. Prior to law school, Ian worked as an investment banker in the… more »