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![]() ![]() ![]() In addition to the “late-filing” penalty, the government will also charge interest on the amount of taxes you owe, including the penalties. If you were late in filing your taxes in previous years as well, the CRA can increase your “late-filing” penalty to 10% of your tax balance, plus 2% per month up to a maximum of 20 months. This amount does not include the additional interest penalty. Late-filing penalty = $850, increasing your overall tax bill to $5,850. An immediate penalty of 5% on your tax balance owing plus 1% of your balance owing per month for up to 12 months is levied by the CRA.įor example, if you owe the taxman $5,000 in taxes and send in your tax return 12 months late, your tax bill increases to:
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