I hope you all get out this weekend and enjoy what looks like to be a nice spring weekend in Calgary and area. Take time enjoy yourselves, have fun with family and friends, and be grateful for life.
We will be very grateful when the tax deadlines have come and gone. I'm sure you will be too, having your taxes caught up and filed on time is something to be proud of.
With that being said I just wanted to point out how the CRA charges interest and penalties on taxes owing.
If your taxes are not filed and paid by the income tax deadline you may have to pay the following penalties and interest.
-Interest. CRA charges a compound daily interest on any overdue amounts starting May 3, 2011. The current interest rate is 5%.
-Late-filing penalty. Additionally if you do not file your tax return on time, the CRA will charge a flat penalty of 5% on the balance owing, plus 1% additionally for every month that the return is late.
-There are additional penalties if you continually file late, if you have other years still outstanding, and if you fail to report amounts on your return.
-Instalments. If you are required to make instalments throughout the year there are also penalties and interest for not making the appropriate instalment payments or fail to make them on time.
On a much more positive note. If you simply file your taxes on time and accurately. If you are organized and responsible, it will save you a lot of money and give you piece of mind to fully enjoy weekends like this one.
Have fun
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