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Interest on unpaid income taxes

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Reference no: EM133109620

Canada Revenue Agency (CRA) will charge arrears interest on unpaid income taxes according to a prescribed interest rate. Interest in arrear is compounded daily on any unpaid balance from the balance due date to the date of payment. Which statement is accurate?

  • If you do not file your income tax return by the due date, you will be charged 10% of the amount owing plus 2% for each additional full month that your return is late, to a maximum of 12 months.
  • If you do not file your income tax return by the due date, you will be charged 12% of the amount owing plus 1% for each additional full month that your return is late, to a maximum of 12 months.
  • If you do not file your income tax return by the due date, you will be charged 15% of the amount owing plus 1% compounded monthly for each additional full month that your return is late, to a maximum of 12 months.
  • If you do not file your income tax return by the due date, you will be charged 10% of the refund less the amount owing plus 2% for each additional full month that your return is late, to a maximum of 12 months.
  • If you do not file your income tax return by the due date, you will be charged 5% of the amount owing plus 1% for each additional full month that your return is late, to a maximum of 12 months.

Reference no: EM133109620

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