Paying your 2018 taxes owing
- Generally, if you owe $2 or less in taxes for 2018, you do not have to make a payment.
- If you owe tax for 2018 and you file after the April 30th deadline, the CRA will charge a late-filing penalty. The penalty is 5% of your 2018 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months.
- You can pay your outstanding balance before you file your return. You will need to specify the year to which you want the payment applied. You will also need to claim this amount on line 476 when you complete your tax return. As long as you file your return by the April 30th deadline, the CRA will not charge you interest or a late-filing fee.
- If you file your return before the filing deadline, you can make a post-dated payment. Again, as long as you file your return and pay by April 30th, 2019, the CRA will not charge interest on your balance owing.