If you’re late with filing your Canadian income tax, and you owe the CRA a balance, then you may find that you are held responsible and you’ll be charged with a late filing penalty. It is 5% of your balance owing and 1% of your balance owing for each late month you owe (there’s a maximum of 12 months).
If you have already been charged for your late taxes for any of the three previous tax year, then you will get a penalty increase. It includes 10% off the balance you owe, as well as 2 % of the balance you owe for each late month, (with a maximum of 20 months).
If you have encountered certain circumstances, which may have prevented you from paying your tax return on time, then the CRA may waive the late-filing penalty and applicable interest. We’re going to show you some of the exceptional circumstances which may apply:
An accident or a serious illness
Emotional distress from the death of a family member
Emotional distress from a divorce
A disaster such as a fire, flood, earthquake, storm, etc.
A mail disruption, like a postal strike
You may also be excused if the Canadian Revenue Agency is responsible for the delays, which include the following:
Processing errors
Processing delays
Incomplete or incorrect information on your tax return
Reviews, audits, objects or appeals which result in delays
If you are looking for a professional accountant to do your taxes in Canada, then you have come to the right place as we are tax experts in Kingston Ontario and we can help process your income tax return quickly while maximizing the tax return you will receive. Our decades of income tax filing experience can help you with your personal and business taxes in Kingston. Remove the headache from taxes and let our skilled tax consultants handle your accounting and bookkeeping to process smooth tax returns for you. Precise, Accurate Instant Tax Refunds Since 2002 for this purpose.
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