What do young adults need to know about their taxes this year?

Ahead of the deadline for Canadians to pay their taxes, one expert says there are certain considerations younger people should be aware of.

Cindy Marques, certified financial planner and director at Open Access Ltd., said in an interview with BNNBloomberg.ca last week that one of the most important aspects for younger adults to maximize their return is to not incur a penalty. To do this, she said it is best to ensure they meet the April 30 deadline. 

“I don't think a lot of people are aware that there are two different deadlines the deadline to pay what you owe and the deadline to file. For most people, that's the same day, that's April 30,” She said. 

“Many young adults that I work with, they have some freelancing income, (a) side hustle of some sort, so (as a) sole proprietor they actually have a longer deadline to file June 15. But the deadline to pay what you owe is still April 30.”