It’s that time of year again when SOCAN songwriters – like everybody else in Canada – is working on their tax returns.
The Canada Revenue Agency (CRA) recently issued a highly informative press release that will help to set you up for tax season, in order to properly obtain the benefits and credits for which you may be eligible.
For most individuals, the deadline to file is April 30, 2025, and any amounts owed must also be paid by this date.
Amounts owed to the CRA must be paid by April 30, 2025, to avoid paying interest. Several payment options are available to accommodate different situations, including online banking, debit, and credit card. If a payment cannot be made on time or in full, you can contact the CRA to set up a payment arrangement.
If you, or your spouse or common-law partner who was living with you at any time in the year, are self-employed, you generally have until June 15, 2025, to file your taxes. Since this date falls on a Sunday, the CRA will consider your income tax and benefit return filed on time if it is received on or before June 16, 2025.
Each taxpayer’s situation is unique, and tax law is subject to continual change, at times on a retroactive basis, and may result in incremental taxes, interest, or penalties. SOCAN songwriter members should ensure that they consult their tax advisors as they prepare their 2024 returns.