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Here’s What Will Happen if You Miss Friday’s Tax Deadline Many were surprised when the Canada Revenue Agency (CRA) didn’t extend the tax deadline this year. The pandemic rages on, and tax specialists across the country warned officials that this year’s complicated tax filings (thanks to SERP payments) and public health restrictions could led to more late filings. But let’s face it: as of now, this Friday (April 30) is the deadline for filing your taxes. If you miss that deadline, here are some of the consequences you could face. Late-filing penalties and interest Late filers who owe taxes will face some hefty charges for missing the April 30th deadline. For one, you’ll pay a 5% late-filing fee applied to your tax bill. On top of that, you’ll pay 1% of your owed balance for each full month you fail to file (up to 12 months).

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