Late Filing of a Tax Return / Late Filing Penalties and InterestInterest and penalties
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Late Filing of a Tax Return / Late Filing Penalties and InterestInterest and penalties

Late Filing of a Tax Return / Late Filing Penalties and InterestInterest and penalties -www.aliko-aapayrollservices.com/blog
 
 
Late Filing of a Tax Return / Late Filing Penalties and InterestInterest and penalties
 
 
 
If your return is late and there is a balance owing, you will be subject to interest and late-filing penalties.  Interest is charged on the outstanding balance starting the day after the due date of the taxes payable, and is compounded daily.
Interest rates are subject to change quarterly. For current rates, see the Canada Revenue Agency (CRA) web page which provides prescribed interest rates
The late filing penalty is 5% of the outstanding balance, plus 1% of the outstanding balance for every month that your return is late, to a maximum of 12 months (that would be a total penalty of 17% of the balance owing).
Interest is also charged on penalties.  If you were charged late-filing penalties for any of the 3 preceding tax years, your late filing penalties are doubled.  For more information, see CRA's web page Interest and the late-filing penalty.
 
 
How to file a late return
Late returns can always be filed by sending a printed or manually prepared return to CRA.  Forms are available from the CRA General Income Tax and Benefit Package web page.  
Telefile is no longer available for filing tax returns.
NetFile is available from February 10, 2014 until January 16, 2015 for filing 2013 tax returns.  It is available 21 hours a day, 7 days per week during this time, from 6 am to 3 am eastern time.
EFile dates of operation and hours of operation are available on the CRA website.  EFile will also be available February 10, 2014 to January 16, 2015, with the same hours of operation as NetFile.
For information on time limits for late returns and circumstances under which the interest and penalties may be waived, see the article on taxpayer relief (fairness) provisions.
 
 
 
 
 
 
 
 
 
 
 
 

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