The deadline for tax filing has passed, but there are still a few important things to know or keep in mind:
- Late filing penalties are 5 per cent of the balance owing plus an extra one per cent of the balance for every month the return is late, for a maximum of 12 months.
- If you have filed late in the past three years, the penalty doubles: 10 per cent of the amount owed plus two per cent per month to a maximum of 20 months.
- If you have been ill or there are other circumstances beyond your control that kept you from filing on time, you can apply for a break.
- Penalties apply only to those who owe taxes; nonetheless if you have filed late, your refunds may be delayed.
- Business Owners and spouse: if you (or your spouse or common-law partner) carry on a business, you have until June 15 to file your return, but you still have to pay any balance owing by April 30.
- Keep your records! You need to keep your records for at least six years to support your claims, in case the CRA selects your return for review.
Source: Canada Revenue Agency.
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