File your tax return on time.

While filing your return on time won’t technically reduce your tax liability, it will help you avoid costly penalties and interest. If you don’t file on time, and you owe money, penalties are charged. In addition, if you don’t ante up on your tax bill, the interest payments can be huge. You might be better off taking out a bank loan to pay the tax if you can secure a lower rate than the CRA will charge you. File and pay by April 30 to avoid these costs.