UNPAID TAXES AND PENALTIES ----- 5% CALULATED DAILY IF YOU OWED 10000.00 AND FILED YOUR INCOME TAX ON TIME THE INTEREST CHARGE WOULD AMOUNT TO 2.73 dollars A DAY ON UNPAID TAXES

They never charged me any interest nor penalties! Long live the CRA

good info buds but you may want to check the math on the 73 cents a day seems to me that part is way off.

propat

Taking in consideration the typical credit card is 19-22 %  The typical charge card is 28-32%   The typical unsecured line of credit is prime +3   ---- 6.5 %  ....Revenue Canada is very reasonable at 5.0%  and if you have good reasons as stated above you can have penalties and interest waived.
God Bless Canada!

Late-filing penalty
If you owe tax for 2013 and do not file your return for 2013 on time, we will charge you a late-filing penalty. The penalty is 5% of your 2013 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months.


The interest rate charged on overdue taxes,  will be 5%.


The Minister may grant relief from penalty or interest when the following types of situations prevent a taxpayer from meeting their tax obligations:

extraordinary circumstances;
actions of the CRA;
inability to pay or financial hardship;
other circumstances