Today I will highlight the benefits of getting your taxes done before the tax deadline.
You can file your taxes all year round, and if there is no balance owing there is no penalty!
But If you file your tax return after the due date and have a balance owing, you will be charged a late filing penalty. Filing late may also cause delays to your benefit and credit payments.
If you cannot pay your balance owing, you should still file on time to avoid being charged the late filing penalty.
The late-filing penalty is 5% of your 2023 balance owing, plus an additional 1% for each full month after you file after the due date, to a maximum of 12 months.
Request to cancel or waive penalties or interest is possible under certain situations. You can inquire to CRA if you are unable to meet your tax obligations due to circumstances beyond your control.
The CRA can only grant relief within 10 years of your request date.
For more information on the Interest and penalties on late tax returns, you can visit the link:
