If you did not pay your taxes on time or if there is a balance owing, the CRA charges compound daily interest on any unpaid amounts owing. This includes any balance owing if CRA reassess your return. In addition, there are different degrees of tax penalties that apply as well.


Late-filing penalty


If you owe tax and do not file your return on time, CR will charge a late-filing penalty. The penalty is 5% of your balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months, or the total of 17% penalties.

If CRA charged a late-filing penalty for any of your preceding three years, your current late-filing penalty will be 10% of your current year balance owing, plus 2% of your current year balance owing for each full month that your return is late, to a maximum of 20 months or the total penalties of 50%.


Repeated failure to report income penalty


If you fail to report an amount on your return in any year and you also failed to report an amount on your return for any of the preceding three years, you may have to pay a federal and provincial/territorial repeated failure to report income penalty.

The federal and provincial/territorial penalties are each 10% (or combined 20%) of the amount that you failed to report for repeat failure of reporting income.


False statements or omissions penalty


You may have to pay a penalty if CRA believes that you, knowingly or under circumstances amounting to gross negligence, have made a false statement or omission.

The penalty is 50% of the understatement of tax and/or the overstatement of credits related to the false statement or omission.


Consequences of Not Filing Past-Due Returns

If you fail to file a tax return, the CRA has the ability to paralyze you financially. Including bank freeze, income garnishment, arbitrarily assessed large tax owing, etc.

Over the last several years, the CRA has improved its database of income transactions and increased its ability to identify people who have not filed taxes. If you have unfiled returns, you rise to the top of the list of people the CRA wants to target to collect revenue.

But if you wait for the CRA to find you, the cost of additional tax penalties grows exponentially. And if the CRA seeks you out before you have filed past-due returns, the likelihood of punishment escalates.


What Should You Do to Reduce Tax Penalties

The worst thing you can do is to ignore or to avoid the tax problem. Act now to control and repair the damage before your life is ruined.

Contact Tax 911
NowTODAY to save you from sinking into the tax trouble you are in at 1-877-918-2991 or go to Contact page.

We have saved many people from financial ruins and helped to rebuild their lives as they shared in their testimonials.

To help you to get started risk free, we offer free and no obligation initial consultation so that you can learn more about your tax problem, the cause and the solutions. So stop blaming yourself and call Tax 911
Now TODAY at 1-877-918-2991 or go to Contact page.








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