How much interest will I be charged on taxes that are owed to the CRA?
You will be charged compounded daily interest according to the prescribed interest rate for any unpaid amounts of tax, in addition to interest on penalties.
What is the late filing penalty for filing my return late?
The late filing penalty for filing a return after the due date is 5% of the balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 month.
What is the penalty for repeated failure to report my income in full?
The penalty for repeated failure to report income is equal to the lesser of 10% of the amount you failed to report or 50% of the difference between the understated tax and the amount of tax withheld related to the amount that was not reported.
What is the penalty for making a false statement or overstating credits on my tax return?
The penalty for making a false statement is equal to the greater of $100 or 50% of the understated tax and/or overstated credits related to the false statement or omission.
