Taxes and death are two certainties in life most people can bank on.
With a tax deadline looming on May 1st, the Canadian Revenue Agency is reminding those that owe the government to pay up.
Spokesperson Simrat Bains says the penalties can be heavy for those that carry a balance beyond the deadline.
“There is a five per cent interest rate and it’s compounded daily. And then it can be assessed plus one per cent each month that you’re late.”
Bains says there’s a glimpse of relief for those that simply don’t have the cash.
“They can definitely call and make payment arrangements. The interest does accumulate, but it helps bring the balance down.”
And those that are self-employed have until the 15th to meet their deadline.
With the 30th on Sunday, Canada Revenue moved the deadline up to May 1st at midnight.