penalties

There is a very easy way to avoid paying penalties to Canada Revenue Agency – File on Time.  Late filing penalties start at 5% of the balance owing; then for every month you procrastinate an additional 1% is added, to a maximum of 12 months.  If filing late is a way of life for you (late in any one of the three preceding years), then the penalties increase to 10% of the balance owing plus 2% per month to a maximum of 20 months.  Of course when you owe money to the government penalties are only one part of the extra costs you ...

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calendar

In most cases if you are an employee, investor, or retiree your personal income tax return is due April 30.  Since this is a Saturday in 2011, there is a grace period until May 2 (the first business day after April 30).  However if you, or your spouse, has self-employment income in the year, your tax return is not due until June 15.  Although you can delay filing, the balance owing is still due April 30 (May 2) so be sure to pay an estimate of your tax bill by then. ...

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