Money Savings for Canadians

  As the April 30 tax deadline approaches, it’s crucial to understand the consequences of not filing your tax return in Canada. Whether you owe money or not, failing to meet the deadline can lead to serious repercussions. Let’s dive into what you need to know: Late Filing Penalty: If you owe taxes and miss the filing deadline, the Canadian Revenue Agency (CRA) imposes a late filing penalty. This penalty is calculated as follows: Five percent of your 2023 balance owing. Additional one percent for each full month you file after the due date, up to a maximum of 12 months. In total, you could end up paying 17 percent of any balance you owe. Interest Charges: The CRA charges compound daily interest on any balance owing for 2023 that you’re unable to pay by the April 30 deadline. The interest rate is approximately 10 percent , and it accumulates daily starting from May 1, 2024. Severe Actions for Consistent Late Filers: If you consistently file late or ignore repeated requests, the CRA c