GSH Financial mark GSH Financial
(431) 305-0352 Book a Consultation
GSH FinancialGSH Financial

Home / Financial Tools / CRA Penalty Meter

Compliance · Bookkeeping Clean-Up

CRA Late-Filing Penalty & Interest Meter

Unfiled returns don't stop accruing cost just because you haven't dealt with them yet. See roughly what late-filing penalties and prescribed interest add up to.

Reading This Tool

How To Use This Calculator

Select whether this is a personal (T1) or corporate (T2) return, then enter how many months you're behind and roughly what you owe.

The chart shows how the combined penalty and interest have grown every month since the deadline passed, the longer the line runs, the more expensive waiting has already been. If you've filed late in any of the past 3 years, flip the repeat filer toggle, since the penalty structure roughly doubles.

Your Inputs

Repeat late-filers who were charged a late-filing penalty in any of the previous 3 years face a doubled penalty structure under CRA rules: 10% flat plus 2%/month (up to 20 months), instead of 5% plus 1%/month.

Estimated Liability Today

-

Accrued Late-Filing Penalty

$0

Prescribed Interest Drag

$0

Total Owed On Top Of Tax

$0

How The Liability Has Grown Since Month 1

Penalty Interest

There's a Formal Relief Option

The CRA's Voluntary Disclosures Program (VDP) can, in qualifying cases, reduce or eliminate penalties (and sometimes interest) for taxpayers who come forward before the CRA contacts them first. It has to be a genuine voluntary disclosure of previously unreported information, it doesn't apply after an audit has started.

This estimate uses simplified late-filing penalty rules and an illustrative flat prescribed interest rate, compounded daily. Actual CRA interest rates are set quarterly and compound daily on the exact outstanding balance, which changes as payments are made. This is not a substitute for a statement of account from the CRA.

The longer this sits, the more it costs. Let's close it out.

Get A Confidential Clean-Up Quote →