Procastinate later — interests and penalties for late tax returns
Filed Under Tax · Tagged: calgary, CRA, interests, late filing, late tax returns, penalties, Personal Income Tax Return
We are weeks away from the due date of our Personal Income Tax Returns. If you have not started on your returns yet, this might change your mind. Did you know that the CRA charges interests and penalties if you owe taxes and file your taxes after the due date? Yes they do! The CRA charges interests on the outstanding amount starting the day after the April 30th due date and is compounded daily.
Not only that, the CRA charges a late filing penalty of 5% of the outstanding balance plus 1% of the oustanding balance every month that your return is late, to a maximum of 12 months.
Remember: Prepare your tax returns way ahead of time. The earlier you file your tax return the better!
If you have any tax questions, let the tax guru know!
