Bifalgorithm post

If you're self-employed in Canada, your income tax return is due on June 15th. But the tax you owe is owed retroactively to April 30th. Now, what does that mean? It's not actually as much of a contradiction as it seems. All it really means is that there will be interest applied to any tax you pay after April 30th. So if you file and pay on June 15th, you're going to owe a little bit of interest. How much interest? Well, the current rate as of May 2024, the interest rate on $1,000. If you owe $1,000 of tax, you're looking at paying an extra $13 if you pay that tax around June 15th instead of backwards in time on April 30th. So be aware of that and keep it in perspective.

If you're self-employed in Canada, your income tax return is due on June 15th. But the tax you owe is owed retroactively to April 30th. Now, what does that mea…