filing income tax

[bayview27]

hi everyone,

I'm filing my income tax for year 2013. For sure I will owe the CRA some money cause my employer doesnt deduct the full amount every month (I do follow Canadian laws but really, I dont understand all the taxation system and especially a burden to single applicants....it's a pain in the *utt!!...sorry for bursting my grievances ) I need to go back home indefinitely (more than 6 months) for family reasons

1. say, I owe $800 to the CRA and cant pay , how much do they charge interest? monthly or yearly?
2. are there other penalties for not paying it?
3. can i pay it when i come back to canada ?
3. will it affect my re-entry to canada (just got my pr last month)?

thank you all for your help

 

[arnaud]

I can't say anything about exactly how much interest are, but if I were you I would pay it before trying to re-enter Canada (or you may have issues at the point of entry).

 

[Amadan123]

Hello,

1. The CRA charges interest rate at their prescribed rate, which changes every quarter. Currently, interest on overdue taxes is 5%

http://www.cra-arc.gc.ca/nwsrm/rlss/2013/m12/nr131213-eng.html

2. There is no penalty for not paying the balance due, per se, but there will be interest. But there is a penalty associated with not filing the return.

3. You can pay whenever you wish, but you should let the CRA know if you are having difficulty paying it. However, that doesn't mean the CRA will stop pursuing you to pay the outstanding amounts.

4. Unsure. Perhaps you ought to call the CRA at 1-800-959-8281 and speak to senior representative.

Madan Chartered Accountant team
madanca.com