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Tax filing deadlines and penalties
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The CRA has a whole assortment of tax filing deadlines and penalties, some
of which are more severe than others depending on the particular
circumstances. For example, personal tax returns must be filed by April 30
of the year following the calendar year in question, and the penalty for
late filing is 5% of the outstanding tax payable, plus 1% for each
additional month up to a maximum of 12 months. Therefore if an individual
owes tax of $15,000, the penalty is much more severe than if he only owed
$100. Furthermore, if the individual expects a refund, there is no penalty
for late filing because there is no tax owing. A "second occurrence"
penalty of double the regular penalty can be assessed if a similar late
filing has occurred in any of the three preceding years. There are some
exceptions to the April 30 filing due date, most notably when the taxpayer
or the spouse of the taxpayer carried on a self-employed business- in
which case the filing deadline is extended to June 15.