The Canada Revenue Agency will charge a late-filing penalty that is 5% of your 2014 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months.
If a late-filing penalty was charged on your return for 2011, 2012, or 2013 your late-filing penalty for 2014 may be 10% of your 2014 balance owing, plus 2% of your 2014 balance owing for each full month your return is late, to a maximum of 20 months.
If the filer is late 2 out of 3 years the penalty will increase to 20% plus the interest compounded daily.
Even if you are late, complete your tax return sooner than later to avoid the interest. It will just keep growing.
To avoid being late sign up to our mailing list to get periodic reminders during the tax season.
We will send you about 3-5 emails per year to let you know the due dates and some updates on current tax issues and useful tax tips.
You can subscribe to our mailing list on the Contact page. And if you decide you don't need our reminders any more it is just one click away to unsubscribe.