You understand that the dreaded Apr 30th deadline is arriving but you do not have the amount of money to pay your balance to the CRA.
That is a disheartening situation to maintain. Just what exactly happens when you cannot pay your fees? Read on for a few tips if you are confronted with this realty.
What Happens WHILE YOU Cannot Pay Your Fees FOR THE CRA: Things YOU SHOULD DO
- Don’t Delay Processing:
Even when you understand that you cannot find the money for to pay your fees you should file promptly. By filing promptly you will enough time late filing fines.
If you do file past due, you’ll be recharged 5% of balance owing and then 1% of this balance owing for each and every month that you will be later part of the.
- Expect the eye:
Once your come back is submitted and you obtain your Notice of Diagnosis you will owe the total amount showing on the proper execution, even if it’s not the same as what you computed. For more information about CRA tax issues, you can check out via web.
Compounded daily interest will be billed beginning on, May 1st or more before balance is paid. This interest changes every 90 days and at the moment is 5%. You’ll also be recharged interest on any past due filing fines you incurred.
- Make Payment Preparations:
The CRA encourage a payment agreement only once you’ve tried all methods possible to create the money, including borrowing from a lender. However, the eye will still be charged through the procedure for paying the total amount off.