*The Commerce Journal>>>Canada Taxes

What may happen if you do not do your income tax form each year?

I was wondering what happens, if anything.

If you owe money, you will be charged 5% of the amount as of May 1 (the day after your return is due). You will then be charged interest on top of that ,at a pretty high rate. You can be charged with failing to file, eventually, given fines, and eventually even jail.

On the other hand, if you DON'T owe money, they may hassle you for a return, but if you file when they demand it, you're fine, other than the fact that you've let the government keep your refund for longer than necessary, and for low interest. I'm fine with you loaning them money at low interest, personally.

Not me, but you!

Tax evasion

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