Filing personal returns on time is crucial. This is especially important when you have a balance owing because the CRA will charge you a late-filing penalty based on that amount. The only time when these penalties can be waived is if there were extraordinary events that are out of your control. Otherwise, here’s what you’re looking at:

• Per return, the penalty is 5% of your balance owing, plus 1% of your balance owing for each full month that the return is late, to a maximum of 12 months.

• In addition, if these penalties are not paid, CRA will charge compound daily interest on the penalty amount.

To avoid paying any penalties, we encourage you to make sure your tax documents are sent to us on time for us to file your return by these deadlines:

• Every regular resident: April 30
• Self-employed residents: June 15

(If you have a balance owing however, you must pay the amount on or before April 30. The return can be filed by June 15.)

• Deceased resident:
  • If the date of death was between January and October: April 30 of the following year
  • If the date of death was between November and December: 6 months after the date of death

• Deceased self-employed resident:
  • If the date of death was between January 1 and December 15: June 15 of the following year
  • If the date of death was between December 16 and December 31: 6 months after the date of death