Don’t let CRA tax interest relief tempt you into filing late, experts warn

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Corporate Income Tax Ottawa ON

Canadians who expect to owe tax for 2020 and are eligible for Ottawa’s recently announced one-year interest–free tax payment deferral should nevertheless file their returns by the April 30 deadline, tax practitioners say. 

That’s because the Canada Revenue Agency (CRA) has not extended relief to late-filing penalties where there’s an unpaid tax liability. Taxpayers who file after April 30 face a penalty of 5% of the balance owing, plus 1% for each full month a return was filed after the deadline, to a maximum of 12 months. 

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Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:   Rudy Mezzetta 

Original Article Posted on:  February 22, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/dont-let-cra-tax-interest-relief-tempt-you-into-filing-late-experts-warn/

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