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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,...
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On this blog, we’ll take a look at the 3 ways you can set up your payment arrangement with CRA and the other option that may be available to you if you can’t pay your tax debt in full. You can set up your payment arrangements in 3 ways:- Pre-authorized debit: You can opt to pay online as it is the most convenient way to pay.- TeleArrangement: You can make a payment through the CRA’s automated TeleArrangement service by calling 1-866-256-1147. This service is available from Monday to Friday, 7am to 10pm Eastern time. You will need to provide your SIN,...
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If you owe taxes to the CRA and cannot pay in full by April 30th, you will need to contact the CRA immediately! The CRA may charge interest compounded daily at the prescribed rate on any amount you owe until your balance is paid in full. You must know that you have options if you cannot pay the amount you owe in full. CRA can work with you to resolve your debt. Here are some options that may be available to you. Payment Arrangements: A payment arrangement is an agreement you make with the CRA to allow you to make smaller...
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As mentioned in part 1, the CRA offers individuals and businesses options that they can consider if they have tax debt that they cannot pay in full.  Here are the other options that may be applicable to your situation. Taxpayer Relief Provisions In some situations, you may be able to ask for relief from penalties and interest charges and reduce the overall amount you or your business owes under the Taxpayer Relief Provisions.  Business and Tax Debt If you are a business owner, the amounts that you deduct and withhold from the wages of your employees and the GST/HST amounts that...
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