Tax Time
Posted Apr 29, 2012 06:50:08 AM.
This article is more than 5 years old.
It’s crunch time for Canadians who haven’t filed their 2011 income taxes — the deadline is midnight tomorrow.
If you miss the deadline and you owe money, you’ll be hit with a five-per cent penalty plus one per cent interest for each month over the deadline.
Canadians spend more serving their tax bill, than they do paying for the necessities of life.
A new study from the Fraser Institute says over the past 50 years, taxation rates have increased at a faster rate than the cost of food, clothing and shelter.
Of the returns processed so far by Canada Revenue Agency, two-thirds resulted in refunds, with the average being a little over 15-hundred dollars.
