What if
I am late with my return?
Interest and penalties
If your return is late and there is a balance owing, you
will be subject to interest and late-filing penalties. Interest is
charged on the outstanding balance starting the day after the due
date of the return, and is compounded daily. Interest rates are
subject to change quarterly. For current rates, see the Canada Revenue
Agency (CRA) web page which provides prescribed
interest rates. The late filing penalty is 5% of the outstanding
balance, plus 1% of the outstanding balance for every month that your return
is late, to a maximum of 12 months (that would be a total penalty of 17% of the balance
owing). If you were charged late-filing penalties for any of the 3
preceding tax years, your late filing penalties are doubled. For more
information, see CRA's web page Interest
and the late-filing penalty.
How to file a late return
Late returns can always be filed by sending a printed
or manually prepared return to CRA. Forms are
available from the CRA General
Income Tax and Benefit Package web page.
Telefile is available from early February until June
30th for returns for the prior year.
EFile and NetFile are available from mid-February until
September 30 for returns for the prior year.
For information on time limits for late returns and
circumstances under which the interest and penalties may be waived, see
the article on taxpayer relief (fairness) provisions.
Revised: November 25, 2009
