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