What happens if I don’t pay my taxes on time? May 1 is the deadline for residents of Ontario to file their 2022 income tax return. Fail to do so and you may face penalties.
$230If you reach out to the CRA and “tell them directly you won’t be able to pay your taxes on time, they will be flexible with putting in place a payment arrangement that will allow you to pay a monthly amount and pay your taxes off over time.”According thewebsite, you can make a partial payment or a payment arrangement if you are unable to pay the full amount but “your debt will gain interest until you pay the full balance.
“Certain types of taxes, is more strict with,” Heath says. “For example, if a business owes a sales tax.” If you don’t pay your taxes or make an arrangement, the CRA “may take legal action that could result in serious financial or legal consequences for you,” according to the Government of Canada website.
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