The deadline to file taxes (April 30) is approaching fast, but what happens if you don't file on time?

"If you have a balance owing on your taxes, you might be subject to a late filing penalty of 5 per cent of the balance due, and then it's 1 per cent per full month that you failed to file," explained Adam Finley, a spokesperson with the Canadian Revenue Agency (CRA). 

Finley says that if you are a benefit recipient and receive things such as GSC and the Canada Child benefit, you can be delayed in receiving them if you haven't filed on time. 

The CRA's website stated, "If the CRA charged you a late-filing penalty for 2020, 2021, or 2022 and requested a formal demand for a return, your late-filing penalty 2023 will be 10 per cent of your balance owing." 

The CRA explained that you would be charged an additional 2 per cent for each month you file after the due date, up to a maximum of 20 months. 

"If the CRA requires you to pay tax instalments, you have to pay the instalments by the instalment payment due dates. You may have to pay instalment interest if you miss any of these payment due dates," the CRA's website stated. 

According to the CRA's website, you can request to cancel or waive penalties or interest if you cannot meet your tax obligations due to circumstances beyond your control. However, the CRA can only grant relief within ten years of your request date.

The deadline for filing your taxes is April 30 unless you or your partner are self-employed; it's June 17. 

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