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Beware slackers – Interests and penalties for late tax returnsin Tax Advice Information and Updates
Interest are subject to change quarterly so make sure you check the CRA website regularly for updated rates (http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/ntrst/menu-eng.html).
The late filing penalty is 5% of the outstanding balance, plus 1% of the outstanding balance every month that your return is late, to a maximum of 12 months.
Remember, prepare your tax returns well ahead of the due date to avoid paying interests and penalties!