The deadline to pay all 2018 income tax amounts owing to CRA is April 30, 2019. Unpaid amounts owing on May 1, 2019 will be charged compound interest daily.
Additionally, tax returns with taxes owing for 2018 that are not filed by the due date, will be subject to a late-filing penalty and in some circumstances, these late-filing penalties could be significant.
Individuals who are required to pay quarterly tax installments can expect significant penalties and interest if those amounts owing are deficient and/or paid late.
Posted in Tax Tips for 2018 Tax Year
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