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1. www.canada.ca › late-filing-penaltyInterest and penalties on late taxes - Personal income tax ...

   www.canada.ca › late-filing-penalty

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   May 1, 2024 · The late-filing penalty is 5% of your 2023 balance owing, plus an additional 1% for each full month that you file after the due date, to a maximum of 12 months. If the CRA charged you a late-filing penalty for 2020, 2021 or 2022 and requested a formal demand for a return, your late-filing penalty for 2023 will be 10% of your balance owing.

2. turbotax.intuit.ca › tips › penalties-for-lateKnow the Penalties for Late Tax Filing and How to Mitigate Them

   turbotax.intuit.ca › tips › penalties-for-late

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   Apr 22, 2024 · If the CRA charged you a late-filing penalty for 2020, 2021, or 2022 and you requested a formal Demand for a Return, your late-filing penalty for 2023 will be 10% of your balance owing. You will be charged an additional 2% for each full month that you file after the due date, to a maximum of 20 months.

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4. www.ctvnews.ca › business › what-you-need-to-knowTaxes in Canada: What happens if I don't file? | CTV News

   www.ctvnews.ca › business › what-you-need-to-know

   Feb 28, 2023 · Tax season started last week, and taxpayers have until May 1, 2023 to file this year, as the deadline of April 30 falls on a Sunday. This same date is the deadline to pay if any money is owed.

5. turbotax.intuit.ca › tips › missed-the-may-taxMissed the Tax Deadline? It’s Not Too Late. | 2023 TurboTax ...

   turbotax.intuit.ca › tips › missed-the-may-tax

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   May 13, 2024 · If you file your taxes six months late and already owe $2,500 in tax debt, you’d have to pay $275 in late-filing penalties and interest to the CRA for a total owing amount of $2,775. (Residents of Québec would have penalties and interest from Revenu Québec as well.) Here’s the math:

6. www.ctvnews.ca › business › double-whammy-whatHow late can I file my taxes in Canada? | CTV News

   www.ctvnews.ca › business › double-whammy-what

   Apr 29, 2024 · The clock is ticking ahead of the deadline to file a 2023 income tax return. A personal finance expert explains why you should get them done -- even if you owe more than you can pay.

7. turbotax.intuit.ca › tips › what-happens-if-i-fileWhat Happens if I File My Taxes Late? | 2023 TurboTax® Canada ...

   turbotax.intuit.ca › tips › what-happens-if-i-file

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   Mar 9, 2021 · CRA assesses this extra penalty from the first day your return is late. With a rate of 1% per month (up to 12 months) that your return remains unfiled, this penalty is in addition to amounts charged for interest. If you are consistently late filing, you may be subject to even higher interest rates and penalties – double in fact. Bottom line ...

8. People also ask

   What happens if you file a tax return late in 2023?

   • But if the CRA charged you a penalty for filing late in 2020, 2021 or 2022 and requested a formal demand for return, the agency site says “your late-filing penalty for 2023 will be ten per cent of your balance owing” plus “for each full month that you file after the due date, to a maximum of 20 months.”

   As Canada’s tax deadline nears, what happens if you don’t file your retu…

   globalnews.ca/news/10452976/tax-deadline-consequences-for-not-filing/

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   What happens if I file a tax return late?

   • 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 that you file after the due date, to a maximum of 12 months.

   Interest and penalties on late taxes - Personal income tax

   www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties/late-filing-penalty.html

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   What happens if I don't pay my 2023 tax return?

   • If you have a balance owing for 2023 and are unable to pay it by the April 30 payment due date, the CRA will charge you compound daily interest starting May 1, 2024, on any unpaid amount owing for 2023. This includes any balance owing if the CRA reassesses your return.

   Interest and penalties on late taxes - Personal income tax

   www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties/late-filing-penalty.html

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   When should I file my 2023 income tax return?

   • For most Canadians, the clock is ticking ahead of the deadline to file a 2023 income tax return. The Canadian Revenue Agency (CRA) will consider a return to be filed on time if it's submitted on or before April 30. It's also the last day to pay any outstanding balance to the CRA to avoid owing interest.

   How late can I file my taxes in Canada? | CTV News

   www.ctvnews.ca/business/double-whammy-what-happens-if-you-don-t-file-your-taxes-by-the-deadline-1.6865868

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   What are the penalties for late filing a tax return?

   • Subsequent late filing penalties are 10% added to the balance due, plus 2% per month until the return is filed—to a maximum of 20 months. If the CRA charged you a late-filing penalty for 2020, 2021, or 2022 and you requested a formal Demand for a Return, your late-filing penalty for 2023 will be 10% of your balance owing.

   Know the Penalties for Late Tax Filing and How to Mitigate Them

   turbotax.intuit.ca/tips/penalties-for-late-filing-and-tax-evasion-269

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   What is the CRA late-filing penalty for 2023?

   • The late-filing penalty is 5% of your 2023 balance owing, plus an additional 1% for each full month that you file after the due date, to a maximum of 12 months. If the CRA charged you a late-filing penalty for 2020, 2021 or 2022 and requested a formal demand for a return, your late-filing penalty for 2023 will be 10% of your balance owing.

   Interest and penalties on late taxes - Personal income tax

   www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties/late-filing-penalty.html

   See all results for this question

9. globalnews.ca › news › 10452976As Canada’s tax deadline nears, what happens if you don’t ...

   globalnews.ca › news › 10452976

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   Apr 27, 2024 · But if the CRA charged you a penalty for filing late in 2020, 2021 or 2022 and requested a formal demand for return, the agency site says “your late-filing penalty for 2023 will be ten per cent ...