Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@beaconhillwm.ca or via telephone at 778.433.1314. You can also read more about Phil at www.Beaconhillwm.ca/team/about-phil/
Tax Tip #1 – What Happens If I File My Canadian Tax Return Late?
16 January 10 
Canadian Tax Tips 
Your Canadian tax return is due April 30th unless you or your spouse or common-law partner carry on a business in which case you have until June 15th. Note however that any tax balance owing still needs to be paid by April 30th to avoid interest charges.
If you fail to file your Canadian Income Tax return (T1) the Canada Revenue Agency will impose a 5% penalty on any outstanding balance owing in addition to a 1% charge per month on any remaining balance.
Also note that CRA will charge interest on any outstanding tax balance at the prescribed rate for the period. Currently the prescribed rate for overdue taxes is 5%.
For CRA prescribed rates visit the following page:
This commentary reflects the personal opinions, viewpoints and analyses of the Beacon Hill Wealth Management Ltd. partner providing such comments, and should not be regarded as a description of advisory services provided by Beacon Hill Wealth Management Ltd. or performance returns of any Beacon Hill Wealth Management Ltd. client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Beacon Hill Wealth Management Ltd. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. Any discussion about taxation is for educational purposes only and should not be viewed as professional advice. Consult your tax professional for tax advice on your particular situation.
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