Personal Finance

Mailing Taxes Close to Deadline

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  • Apr 28th, 2011 11:49 pm
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Newbie
Feb 18, 2005
55 posts

Mailing Taxes Close to Deadline

Due to circumstances beyond my control, I'm filing my paper return (I owe money) rather late this year. Am I correct in assuming that having my return *postmarked* by May 2nd will avoid any late penalties?

Also, does anyone know if Revenue Canada withdraws the funds from your account right away? I may have to transfer some funds to cover the balance, and they wouldn't be in my chequing account until May 4th. I live in Edmonton, if Canada Post delivery time is a factor...

Thanks!
4 replies
Sr. Member
Nov 8, 2010
963 posts
214 upvotes
rodney wrote: Due to circumstances beyond my control, I'm filing my paper return (I owe money) rather late this year. Am I correct in assuming that having my return *postmarked* by May 2nd will avoid any late penalties?
This is correct. However, if you are planning to wait until the weekend or Monday to mail it, just make sure it does get postmarked immediately. If you drop it in a mailbox on the 2nd it may not get postmarked until the 3rd.

Also, does anyone know if Revenue Canada withdraws the funds from your account right away?

Yes, they do.

And CRA doesn't withdraw the funds unless you send it a cheque. If you aren't planning to send a cheque you need to use bill payment on online banking or something like that. And I'm not positive, but if you use online banking the deadline for the bill payment may be April 30.

I may have to transfer some funds to cover the balance, and they wouldn't be in my chequing account until May 4th. I live in Edmonton, if Canada Post delivery time is a factor...
According to this, you'll be mailing it to Winnipeg. I have no clue how long that normally takes.

http://www.cra-arc.gc.ca/cntct/t1ddr-eng.html
Newbie
Feb 18, 2005
55 posts
FlyingOctopus wrote: This is correct. However, if you are planning to wait until the weekend or Monday to mail it, just make sure it does get postmarked immediately. If you drop it in a mailbox on the 2nd it may not get postmarked until the 3rd.



Yes, they do.

And CRA doesn't withdraw the funds unless you send it a cheque. If you aren't planning to send a cheque you need to use bill payment on online banking or something like that. And I'm not positive, but if you use online banking the deadline for the bill payment may be April 30.



According to this, you'll be mailing it to Winnipeg. I have no clue how long that normally takes.

http://www.cra-arc.gc.ca/cntct/t1ddr-eng.html

Thanks so much! I think I will roll the dice: go to the post office just before it closes on Monday to get it post-marked and hope it spends at least one full day in transit.
Sr. Member
Nov 8, 2010
963 posts
214 upvotes
One more thing, if you are planning to go the cheque route, I think you better date it as April 30. And when you sign the tax form, I think April 30 might also be a good idea as the date.

I'm not certain if that matters or not, but it can't hurt.
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Mar 23, 2009
22529 posts
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Toronto
FlyingOctopus wrote: One more thing, if you are planning to go the cheque route, I think you better date it as April 30. And when you sign the tax form, I think April 30 might also be a good idea as the date.

I'm not certain if that matters or not, but it can't hurt.
The deadline is May 2 for payments. I'm just payming mine online through my bank on May 2.

http://www.cra-arc.gc.ca/nwsrm/rlss/201 ... 1-eng.html

As has been the practice of the CRA when April 30 falls on a weekend, this year’s filing deadline extends to Monday, May 2, 2011. You have until midnight on May 2 to file your 2010 income tax and benefit return and to pay any balance owing. If you or your spouse or common-law partner is self-employed, you have until midnight on June 15, 2011, to file your 2010 return, but you still have to pay any balance owing by May 2, 2011.

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