Tax season is underway in Canada. For tax procrastinators, here's a look at what you'll be charged if you don't file on time this year.
Canada Revenue Agency
For those who tend to procrastinate, here is what you need to know about interest and penalties if you don't file and pay your taxes by the deadline.The Canadian Revenue Agency says those who owe taxes may be charged interest if they pay late. Those who file their taxes They will also be charged a late-filing penalty if they have a balance owing and file late.
How much that interest will cost varies. For example, the interest rates for the first quarter of this year for overdue taxes, Canada Pension Plan contributions and employment insurance premiums is eight per cent – an increase of one per cent over that of Q3.
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