Understand CRA Interest and Penalties in a High-Interest Rate Environment
Lilly
September 16, 2024
For years, corporate taxpayers paid very little attention to the bottom part of their annual corporate tax assessment notices. That bottom part summed up late installment charges that are included in the final tax bill. For years, installment interest charges hovered around 5% annualized so forgetting an installment or not paying the final balance owing on time had no material