Balance owing - CRAWhen completing your tax return, you may have a balance owing on line 48500. Generally, if this amount is $2 or less for 2021, you do not have to make a payment. You may use "My Account" online service for information about your account balance and payments:
Payment methods
You can make your payment in several ways. For more information, please visit:
Interest
Canada Revenue Agency starts charging daily compound interest on any outstanding balance for 2021 starting May 1, 2022, until you pay it in full.
Late-filing penalty
If you owe tax for 2021, and you file your 2021 return after the filing due date, Canada Revenue Agency will charge you a late-filing penalty, in addition to charging interest on the balance owing.
Instalment payments or post-dated payment
- You can pay before you file your tax return. If you do, specify the year to which you want the payment applied. When you complete your return, claim this amount on line 47600.
- You can also choose to file your return early and make a post-dated payment as late as April 30, 2022.
NOTE: If you file your return on time and pay by April 30, 2022, Canada Revenue Agency will not charge you interest or any late-filing penalty on your balance owing.
For more information on interest and penalties, please visit:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties.html
ID: 20211020102256DE.xml
Webpage: KPA310-20211020102256DE.htm