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10/18/11

Penalties for Late Taxes

Filing your Canadian income taxes late can cost you money. If you owe income tax and file your income tax return late, the Canada Revenue Agency will charge you a penalty and also charge interest on the unpaid amount.


The deadline for filing your Canadian income taxes is midnight April 30. Since April 30 falls on a Saturday in 2011, your 2010 return will be considered to be filed on time if it is postmarked by midnight on Monday May 2, 2011.


If you owe Canadian income tax and file your Canadian income tax return after the deadline, the Canada Revenue Agency will charge a penalty of five percent of the balance owing andone percent of the balance owing for each full month that your return is late, to a maximum of 12 months.

If you were charged a late-filing penalty in one of the previous three years and are late filing your income taxes again, the Canada Revenue Agency will charge a penalty of ten percent of the balance owing for the current year andtwo percent of the balance owing for each full month that your current income tax return is late, to a maximum of 20 months.

In addition to the penalty for filing your Canadian income taxes late, the Canada Revenue Agency will also charge compound daily interest on any unpaid amounts owing for 2010, starting May 1, 2011 andon any penalties charged, starting the day after your return is due.The interest rates charged can change every three months.

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