Late Filing Penalties and Interest

Focusing on the financial consequences of non-compliance, this module offers a detailed examination of the CRA’s penalty and interest regime. Participants will analyze late-filing penalties applicable to individuals, corporations, trusts, partnerships, GST/HST accounts, and payroll filings. The course explores how interest compounds on unpaid balances, the interaction between interest and penalties, and how repeated non-compliance or gross negligence escalates financial and legal exposure. The module also covers failure-to-remit penalties, enforcement actions like wage garnishment or asset seizure, and practical case studies that demonstrate common taxpayer errors and CRA responses. CPAs will learn actionable strategies for helping clients avoid or reduce penalties and interest while maintaining compliance.