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Here’s What Will Happen if You Miss Friday’s Tax Deadline Many were surprised when the Canada Revenue Agency (CRA) didn’t extend the tax deadline this year. The pandemic rages on, and tax specialists across the country warned officials that this year’s complicated tax filings (thanks to SERP payments) and public health restrictions could led to more late filings. But let’s face it: as of now, this Friday (April 30) is the deadline for filing your taxes. If you miss that deadline, here are some of the consequences you could face. Late-filing penalties and interest Late filers who owe taxes will face some hefty charges for missing the April 30th deadline. For one, you’ll pay a 5% late-filing fee applied to your tax bill. On top of that, you’ll pay 1% of your owed balance for each full month you fail to file (up to 12 months). ....
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CRA Cash Benefits: Parents Don’t Miss Out on the 1-Time $300 CCB/Child More on: Image source: Getty Images. Hindsight is 2020! Last year was a big lesson for the world. A virus shook the biggest economies and locked everyone in their homes. But it also gave parents time to spend with their kids. The internet was flooded with creative ways parents used to keep their young ones engaged and prevent them from going out. The Canada Revenue Agency (CRA) supported the parents with the Canada Child Benefit (CCB) a one-time payment of up to $300 in May 2020. The one-time $300 CCB If you didn’t receive this one-time payment at the peak of the pandemic, you can claim it now. The CRA gives the CCB to those who file their taxes regularly. The CCB is a tax-free cash benefit the CRA credits into your account every month to help you pay for the child care. ....