If you owe tax for 2012 and do not file your return for 2012 on time, we will charge you a late-filing penalty. The penalty is 5% of your 2012 balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.
If we charged a late-filing penalty on your return for 2009, 2010, or 2011 your late-filing penalty for 2012 may be 10% of your 2012 balance owing, plus 2% of your 2012 balance owing for each full month that your return is late, to a maximum of 20 months.
Even if you cannot pay the full amount of your balance owing on or before April 30, 2013, you can avoid the late-filing penalty by filing your return on time.
We may waive or cancel this penalty as well as any interest that may apply if you file your return late because of circumstances beyond your control. If this happens, complete Form RC4288, Request for Taxpayer Relief, and mail it to the intake centre responsible for your province or territory of residence.
For a penalty, only requests relating to tax years ending in any of the 10 calendar years before the year in which you make the request will be considered. For example, a request made in 2013 must relate to a penalty for the 2003 or a later tax year.
For interest on a balance owing or on a penalty for any tax year, the amounts that accrued during the 10 calendar years before the year in which you make the request will be considered. For example, a request made in 2013 must relate to interest that accrued in 2003 or a later calendar year.
For more information, go to Taxpayer relief provisions, or see Information Circular IC07-1, Taxpayer Relief Provisions.