Midnight – tax deadline

The clock is ticking.

The deadline to file your 2009 income taxes hits at midnight.

If you owe Canada Revenue Agency money and miss the deadline, you will be hit with a penalty of five per cent for the amount you owe.

You will also be dinged one per cent for each month your return is late up to a maximum of 12 per cent.

Some Canada Post outlets and Canada Revenue Agency offices are staying open late to accommodate the procrastinators.

The average tax refund last year was approximately $1,400.

A BMO Nesbitt Burns survey shows 48 per cent of Canadians will be putting that refund towards paying credit card debt and other bills.

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