However if you aren’t able to file your taxes before then, what are the penalties?
If you owe tax for 2013 and do not file your return for 2013 on time, the CRA charges you a late-filing penalty. The penalty is 5% of your 2013 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months.
If the CRA charges a late-filing penalty on your return for 2010, 2011, or 2012 your late-filing penalty for 2013 may be 10% of your 2013 balance owing, plus 2% of your 2013 balance owing for each full month your return is late, to a maximum of 20 months.
*Repeated failure to report income penalty
If you failed to report an amount on your return for 2013, and you also failed to report an amount on your return for 2010, 2011, or 2012, you may have to pay a federal and provincial/territorial repeated failure to report income penalty. The federal and provincial/territorial penalties are each 10% of the amount that you failed to report on your return for 2013.
*False statements or omissions penalty
You may have to pay a penalty if you, knowingly or under circumstances amounting to gross negligence, have made a false statement or omission on your 2013 return.
The penalty is equal to the greater of:
$100; and 50% of the understated tax and/or the overstated credits related to the false statement or omission.
*Information provided from the CRA