Posted on 04-Mar-2020

KLCA CHARTERED PROFESSIONAL ACCOUNTANTS

2019 TAX RETURN AND BALANCE OWING DEADLINE
April 30, 2020 is the final day you can file your 2019 income tax return. If you owe money to the government, it must be paid by this date. Canada Revenue Agency will start charging compound daily interest on May 1, 2020 if there are any unpaid amounts owing. You can avoid that penalty, however, by filing your return on time. Taxpayers who do not file their income tax returns on time face significant late-filing penalties: 5% of the balance due plus 1% per month to a maximum of 12 months for the first offence, plus applicable interest on the penalty. The penalty can more than double where the taxpayer fails to file on time for a second time in three years and if a formal demand for filing has been issued.
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