Tax Interest rate

[ttrajan]

If we don,t pay some tax for the year, what will be the interest rate per year?

 

[scylla]

Your question doesn't really make sense. Can you explain in more detail what you are asking?

 

[ttrajan]

Last year tax was deducted from my salary and I filed IT return based on T4 from the employer. Now I got a mail from CRA that based on their calculations I need to pay some more amount as tax. Now I am in my home country and planning to go back to Canada next year. If I pay the balance tax amount next year, then what will be the interest rate I need to pay along with tax arrears?

 

[torontosm]

Last year tax was deducted from my salary and I filed IT return based on T4 from the employer. Now I got a mail from CRA that based on their calculations I need to pay some more amount as tax. Now I am in my home country and planning to go back to Canada next year. If I pay the balance tax amount next year, then what will be the interest rate I need to pay along with tax arrears?

According to the CRA website, it's 2% per month (up to a maximum of 20 months): http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/ntrst/menu-eng.html

 

[ttrajan]

Okay Thanks.