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If you haven’t filed your tax return yet, this blog is for youin Tax Advice Information and Updates
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!
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