What Happens If I Don't File My Taxes? Understanding the Consequences

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What Happens If I Don't File My Taxes? Understanding the Consequences

//business-finance.news-articles.net/content/202 .. ile-my-taxes-understanding-the-consequences.html

Published in Business and Finance on Thursday, March 13th 2025 at 16:01 GMT by Insider

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

Learn what happens if you don't file your taxes in 2025. Discover the consequences, penalties, and how to address unfiled tax returns to avoid further issues.

2025-03-13 173 x 130 / 5200 Bytes

The article from MSN Canada discusses the consequences of not filing your taxes. If you fail to file your tax return, you could face several penalties and issues. Firstly, you might miss out on tax refunds or benefits like the Canada Child Benefit or GST/HST credit if you're eligible. Secondly, the Canada Revenue Agency (CRA) can impose a late-filing penalty, which is 5% of your 2023 balance owing, plus an additional 1% for each full month you are late, up to a maximum of 12 months. If you've been charged late-filing penalties in any of the three previous years, this penalty can increase to 10% plus 2% per month. Additionally, not filing can lead to the CRA filing a return on your behalf, which might not include all your deductions or credits, potentially resulting in a higher tax bill. Moreover, neglecting to file can lead to legal actions, including the CRA taking funds directly from your bank account or garnishing wages. The article emphasizes the importance of filing on time or requesting an extension to avoid these severe repercussions.

Read the Full Insider Article at:
[ https://www.msn.com/en-ca/money/personalfinance/what-happens-if-i-don-t-file-my-taxes-understanding-the-consequences/ar-AA1unluo ]