Balance owing - CRA
When 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:
https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html
Payment methods
You can make your payment in several ways. For more information,
please visit:
https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/get-ready-taxes/pay-taxes-owing.html
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
