Corporation
- Corporate tax returns are due within 6 months after the year end and tax owing is due within 3 months after year end, except investment corporations
- Penalty of 5% plus 1% is applied to all outstanding balances owing on late filing
- Penalty of 10% + 2% is applied to repeated failure
Interest on all outstanding balances owing will be computed at the prescribed rate from the day on which the amount was required to be paid to the day payment was received by CRA.
Self Employed
- Deadline for filing of tax return by Self employed and partnerships is on or before June 15th of the following year and Balance owing needs to be paid on or before April 30th of the following year
- Late filing penalty of 5% plus 1% is applied to all outstanding tax balance owing
- Penalty of 10% plus 2% is applied to repeated failure
Interest on all outstanding balances owing will be computed at the prescribed rate from the day on which the amount was required to be paid to the day payment was received by CRA.
Personal
- Due date for filing of personal tax return is on or before April 30th of the following year
- Tax owing is due on or before April 30th of the following year to avoid interest
- Late filing penalty of 5% plus 1% is applied to all outstanding tax balance owing.
- Penalty of 10% plus 2% is applied to repeated failure
Interest on all outstanding balances owing will be computed at the prescribed rate from the day on which the amount was required to be paid to the day payment was received by CRA.