If you haven’t filed your tax return yet, this blog is for you

by in Tax Advice Information and Updates
If you haven’t filed your tax return yet, this blog is for you
It’s been exactly 3 days since the filing due date for most income tax returns (Most tax returns because for the self-employed, they have until June 15th but … more on that later). And if you have not filed your income tax return for the 2017 tax year, you could be in trouble of piling on more tax debt (if you owe taxes) as the CRA will charge a late-filing penalty.

Yes, there is a late-filing penalty if you fail to file a return on time and owe tax for 2017. The penalty is 5% of your 2017 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months.

If you have been on the CRA’s naughty list for the past years and have already been charged a late-filing penalty on your return for 2014, 2015 or 2016, your late-filing penalty may be 10% of your 2017 balance owing, plus 2% of your 2017 balance owing for each full month your return is late, to a maximum of 20 months.

So for next year, if you are unable to pay your taxes before the April 30th deadline, make sure you at least file your income tax return on time to avoid the late-filing penalty.

Remember, KD is here to help you on your tax woes! Call us today!

Source: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/prescribed-interest-penalties.html
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