Late-filing penalty If you owe tax for 2015 and do not file your return for 2015 on time, CRA will charge you a late-filing penalty. The penalty is 5% of your 2015 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/ntrst/menu-eng.html Interest Rates on Balance Owing: The interest rate Read more about CRA Late Filing Penalties and Interest on Balance Owing[…]