Missing the deadline is fixable. File as soon as you can, since the penalty and interest grow with time.
Short answer: File as soon as you can. If you owe tax, the penalty is 5% of the balance plus 1% for each full month, and if you are owed a refund there is no penalty.
What happens if you file late?
- If you are owed a refund, there is no late-filing penalty, but you may lose benefits that depend on a filed return.
- If you owe tax, the CRA charges a penalty of 5% of the balance, plus 1% for each full month it is late, up to 12 months.
- If you filed late repeatedly: if you were also late in the past three years and the CRA asked you to file, the penalty is 10% plus 2% a month, up to 20 months.
- Interest is charged daily on any balance owing and on the penalties, at the CRA’s prescribed rate.
What should you do?
- File the return now, even if you cannot pay everything.
- Pay what you can, which stops interest on that part.
- If you cannot pay in full, contact the CRA about a payment arrangement.
- If a serious reason, such as illness or a disaster, made you late, ask for taxpayer relief.
Which dates matter this year?
Most people file by April 30, the self-employed by June 15 with payment still due April 30. See the tax calendar and the 2027 tax calendar.
Where does this information come from?
The penalty rules come from the Canada Revenue Agency filing guidance. Rates and rules change, so check the CRA page for your year. Checked in October 2026. This is an independent information site: we provide no services, we do not represent the CRA or any organization, and we do not guarantee that anything here is accurate or current. We accept no liability for decisions based on it. Check the official source before you rely on it. See the full disclaimer.