If you have any amounts owing to the CRA, you are most likely being charged interest.
All Canadian individual taxpayers were required to pay any tax balance owed for the 2022 tax year on or before May 1, 2023. As of May 2, 2023, interest at a rate of 9% is levied on all such outstanding amounts, and such interest charges are compounded daily.
Where an individual cannot pay 2022 taxes owed, in whole or in part, it is possible to reach a payment arrangement with the Canada Revenue Agency (CRA) which allows the taxpayer to pay outstanding amounts over time.
Information on the kinds of arrangements which are available, and how to contact the CRA to make such arrangements, can be found on the Agency’s website at https://www.canada.ca/en/revenue-agency/services/payments-cra/individual-payments/unable-pay.html and https://www.canada.ca/en/revenue-agency/services/payments-cra/payment-arrangements.html.
If you would like help with dealing with the CRA or would like someone to file your personal taxes, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
