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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...
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If you owe taxes for the 2016 tax year, the CRA charges compound daily interest starting May 1, 2017, on any unpaid amounts owing for 2016.  This includes any balance owing if you were reassessed. In addition, the CRA will charge you interest on the penalties starting the day after your return is due.  Note that the rate of interest the CRA charges can change every three months.  You will have to check the Prescribed interest rates on the CRA’s website. If you have amounts owing from previous years, the CRA will continue to charge compound daily interest on those amounts. ...
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Here are some tips to avoid interest and penalties during tax season.  Pay any balance owing on time. If you have balance owing for 2015, the CRA charges compound daily interest starting May 1, 2016 on any unpaid amounts owing for 2015 including any balance owing when your return is reassessed.  The CRA will also charge you interest on the penalties starting the day after your tax return is due. If you have amounts owing from previous tax years, the CRA will continue to charge compound daily interest on those amounts as well.  Note that payments you make are first applied...
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