Today is the last day to file your taxes for 2023.
Late-filing penalties will be applied to any taxes filed after midnight tonight.
Gerry Vittoratos of U-File says the penalties for late filing can be stiff.
Five per cent will be applied on any balance owing as of 12:01 tomorrow morning, followed by an additional 1 per cent for every month that taxes are overdue.
“Then the interest meter starts” says Vittoratos, “so if you have a balance owing today, you haven’t paid by midnight today, the government will start charging interest.” Vittoratos says just as interest rates have increased, so have the interest rates charged by CRA.