Failure To File Income Tax & Penalty for Not Filing Taxes
You didn't file your taxes on time?
CRA may impose penalties and interest and may cut off some benefits
Late filing penalties
- 5% of your balance owing
- plus 1% of your balance owing monthly up to a maximum of 12 months
- Percentage will be increased if you were late as well in the past 3 years
- Benefits such as GST, Ontario Trillium and Child Tax Credit may be discontinued until caught up
Also consider that banks and Mortgage companies will often request your Notice of Assessment when applying for mortgages, loans or renewals.