Get your return in: When and How?

By the end of February or March, tax payers will usually have received all of the information needed to prepare their 2010 income tax returns. Issuers of T4s (for employment income) and T5s (for investment income, including interest and dividends) must send such information slips to employees, shareholders, and account holders by the end of February. Self employed tax payers, who must calculate their own business income for the year, will certainly be in a position to do so by the end of February. Finally, retiress who receive pension income, either from a former employee or from the Canada Pension Plan or Old Age Security program, will have received T4A information skips fro the pension plan administrator or the government of Canada documenting that income for 2010.

The filing deadline for individual taxpayers (other than the self employed and their spouses, who must file by June 15, 2011) is April 30, 2011. This year, however, taxpayers have a little extra breathing room. Since the April 30, 2011 filing deadline falls on a Saturday, a return will be considered by the Canada Revenue Agency (CRA) to be filed on time if it is received, or postmarked, on the next business day. For 2011, that day would be Monday, May 2nd. A similar extension applies to payments owed to the CRA.