Missed the Tax Deadline or Owe CRA? Here’s What You Should Know.
April 30 has passed, but if you missed the deadline—or filed and realized you owe money—you’re not alone. The good news is, there are steps you can take to get back on track and reduce stress moving forward.
What Happens If You Miss the Deadline
If you were required to file and didn’t submit your return by April 30, the CRA applies both penalties and interest:
Late-filing penalty: 5% of what you owe, plus 1% for each full month your return is late (up to 12 months)
Interest: Accrues daily on any unpaid balance starting May 1. The current rate is 8% for overdue taxes
Tip: Even if you can’t pay in full, it’s better to file on time than delay. Filing helps you avoid the late penalty and keeps your tax file in better standing.
Key Filing Notes for 2025
Self-employed individuals have until June 17, 2025 (since June 15 falls on a weekend) to file. However, any balance owing was still due by April 30.
If you’re reporting capital gains, CRA has extended relief from late-filing penalties and interest until June 2, 2025, for impacted filers.
If You Owe the CRA, Here’s What To Do
Review your return
Check for any missed deductions or reporting errors. A small correction could lower your balance owing.Make a partial payment
Even small payments help reduce the amount of daily interest. CRA offers multiple options, including online banking and pre-authorized debits.Set up a payment plan
If paying in full isn’t possible, CRA may allow a monthly payment arrangement. You may need to propose a reasonable plan and share basic financial info.Consider taxpayer relief
If you’ve faced serious personal or financial hardship, you may be eligible for relief from interest or penalties.
When to Contact a Professional
If you’ve missed several years, received a notice from CRA collections, or are unsure how to move forward, it’s a good time to reach out to a CPA. Professional advice can help you avoid mistakes and identify opportunities to reduce your tax burden.
Download Our CRA Action Checklist
We’ve created a simple one-page checklist to help you stay organized. It includes:
Deadlines and interest rates
A step-by-step plan for catching up
CRA contact info
A place to track payments and communications
Download it for free—no email required. 👉 Download CRA Tax Deadline Checklist (PDF)
Need Help?
If you have questions or need support navigating your next steps, we’re here to help. Contact us for a confidential consultation.
Call: (902) 468-5500
Book online: https://www.msweeney.com/contact
Disclaimer: The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional.
No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability for its contents or for any consequences arising from its use.