Should I wait to pay my tax balances if I filed a taxpayer relief form?
Allan Madan, CA
Question:
If I am late-filing a tax return due to an external factor and I did file a taxpayer relief form to explain the situation, should I pay my tax balances owing now or wait till the CRA to process my form?
Answer:
Well, you do have a choice to defer you payment. However, this will result in interest and penalties based on the amount you owe. It is recommended that you make the full payment as soon as possible. In the case that your taxpayer relief form is being processed and the CRA does accept your explanation, you would simply receive a refund of the penalties, interest, and over payment of taxes.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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