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  • Writer's pictureSOS Bookkeeping & Taxes

I Owe Taxes?! Now What?

If you have never had to pay taxes before you might be wondering what is next? How do I do that? The first thing you need to know is that it is so important that you pay them. Do not put it off if you can help it. The due date for paying your taxes is May 1,2021. Penalties and interest start accumulating May 1, 2021.

The CRA has tried to make it easier for people to pay their taxes by opening up more payment options. These include online, in person, or using a third-party service provider. You can go onto CRA's website to see what payment option works best for you.

Some good news though for a few people straight from CRA's website...

Interest relief will be given to people who have a total taxable income of $75,000 or less in 2020 and received at least one COVID-19 benefit in 2020. You must file your 2020 tax return to qualify for interest relief. ON TIME

File your tax return before the due date, as late-filing penalties still apply. If you file late, you will be charged a 5% late-filing penalty on top of what you already owe, plus an additional 1% for each month (up to a maximum of 12 months).

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