Canada Revenue Agency: Don’t Forget The Interest and Late Filing Penalty!

Author: External Author | | Categories: Corporate Financial Statements , Financial Statement Preparation

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The penalty will simply double: 10% right away and 2% for each subsequent month that you delay filing your taxes. Then there is the interest. If you have a balance on your 2020 taxes, the CRA will start charging compounded daily interest on the leftover balance, starting with the month of May.

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Original Article Source Credits:   Yahoo Finance , https://ca.finance.yahoo.com/

Article Written By:  Adam Othman

Original Article Posted on:  April 20, 2021

Link to Original Article:  https://ca.finance.yahoo.com/news/canada-revenue-agency-don-t-123308921.html



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