Haven’t paid the taxes you owe? Interest starts today!

by in Tax Advice Information and Updates
Haven’t paid the taxes you owe? Interest starts today!
If you owe taxes for the 2017 tax year and have failed to pay in full by April 30, 2018, the CRA will charge compound daily interest starting today, May 1st, on any unpaid amounts owing for 2017. This includes any balance owing if your tax return was reassessed.

In addition to this, the CRA will charge interest on the penalties starting the day after the filing due date. You will need to check the prescribed interest rates on the CRA’s website for the rate of interest as it changes every 3 months.

If you have amounts owing from previous years, the CRA will also continue to charge compound daily interest on those amounts. Note that payments you make are first applied to amounts owed from previous years.

Remember, if you are unable to pay for the taxes you owe, options are available to you! Contact the CRA as soon as possible as you may be able to make payment arrangements or you may be eligible for the Taxpayer Relief program.

Read our previous blogs for more information on these options: Do you owe taxes and can't pay in full? Part 1 and Do you owe taxes and can't pay in full? Part 2

Also, if you need help in dealing with the CRA, let us know! Contact KD today!

Source: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/prescribed-interest-penalties.html
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KD PROFESSIONAL is a group of interconnected companies offering a wide range of financial, accounting and tax services to individuals and businesses across Canada.

Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.

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