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Haven’t paid the taxes you owe? Interest starts today!in Tax Advice Information and Updates
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!
- Do you owe taxes and can’t pay in full? Part 2
- If you haven’t filed your tax return yet, this blo...