I filed my 2007 taxes but haven't paid them, what are the late penalties, and do I still get my GST check?

Question

I filed my 2007 taxes but haven't paid them, what are the late penalties, and do I still get my GST check?

Answer 1

The late filing penalty is charged if you file past April 30th (June 15th if self employed) and you owe a balance that is unpaid after April 30th. The penalty is 5% the first month late, and 1% each additional month up to a limit of 17%. On top of this, the CRA will charge interest at a prescribed rate, compounded annually, and calculated on a daily basis.

CRA will take your GST entitlement to pay down your income taxes, only if your net income (2007) is greater than a certain amount. Contact GST enquires and ask them if your cheque will be seized for income tax (1800-959-1953).

Answer 2

if you filed before the deadline they just charge you daily compounding interest on what you owed.  If you filed 2007 late (after April,30,2008) and owed money they charge you 5% penalty of the tax due for filing late plus the daily interest from date it was due.  

If owe them money for income tax it may affect you GST rebate as they put it against the debt.  My son owed money for more than a year and they never touched his GST cheque.  My daughter owed some money for just a few months and they stopped her GST cheque and put it against the balance due/

Answer 3

the amount of the penalties will depend on the amount of taxes that you owed.