Attention, Canadians! Today marks the final day to file your taxes, and doing so is crucial to dodge late penalties and accrued interest on any owed amounts.

Self-employed workers enjoy a bit more grace with a June 16 deadline to file with the Canada Revenue Agency (CRA), but don’t be misled—interest on any unpaid balances starts accruing immediately after today!

Failing to file your taxes on time can lead to serious repercussions. Late filers may incur a hefty five percent penalty on their outstanding balance and an additional one percent penalty for each month of delay, maxing out at a staggering twelve months!

Experts are stressing the importance of timely filings, even if you're unable to pay what you owe. Why? To avoid the shock of skyrocketing bills due to those dreaded late-filing fees.

This tax season hasn't been without its share of drama, thanks to confusion over the Trudeau government's proposed hike on capital gains inclusion rates. However, the plan was scrapped when Mark Carney stepped in as prime minister, easing some concerns.

The CRA is gearing up for a busy season, projecting over 20 million tax returns to roll in this year. Are you one of them?