Canadians might be feeling the squeeze with the income tax filing deadline fast approaching. Here’s how much you’ll owe Revenue Canada if you don’t pay your taxes on time.
According to the Government of Canada website, you can expect to get hit with an immediate five per cent penalty on whatever you owe, plus one per cent on every full month that you file late up to a maximum of 12 months.
Golombek says those penalties actually can double if it’s the second time you’ve filed past the deadline. On top of this, he adds, the CRA will compound daily interest on your unpaid tax balance, including the late-filing penalties.
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