Still owe money to Canada CRA after T1 adjustment, do I have to pay interest?

[cqhg]

Hi,

I am a Canadian working in US.

For the tax year 2015 I discovered that after my T1 adjustment this year I still owe a little money ($200) to the CRA, and it's been several years(2016~2020) so I'm wondering if I need to include interest when paying back the money owed, and if I do, how I would calculate it?

Also are there any fines associated with paying this late?

Thanks in advance.

[nelsona]

CRA will determine and send you the bill. No point estimating.

[cqhg]

nelsona wrote:
> CRA will determine and send you the bill. No point estimating.


thank you so much!

[Carasad]

Indeed, the CRA most often determines and sends an invoice with the necessary amount to be paid. However, this is not always the case. I owed about $300, but no one contacted me, which leads me to believe I may have made a mistake in my calculations. The interesting thing is that I counted several times, and only one amount came up all the time. Perhaps someone has encountered this situation? I emailed them, but there was no response. I quit my last job and now make my living using the best app to make money https://wealthofgeeks.com/apps-that-pay-you-money/, so I have no way to contact the CRA.

[Feduk]

Yes, you must pay interest on the amount owed because it has been several years. Interest is charged daily at the rate the CRA sets, and you can find that information on their website.

[Feduk]

Feduk wrote:
> Yes, you must pay interest on the amount owed because it has been several
> years. Interest is charged daily at the rate the CRA sets, and you can find
> that information on their website.
As for penalties, they can be associated with late payments, depending on your situation. You can find more information about this on the CRA website. I like gambling as much as you do, but I've never been in this situation, so I can't tell you more information.

[Feduk]

Feduk wrote:
> Feduk wrote:
> > Yes, you must pay interest on the amount owed because it has been several
> > years. Interest is charged daily at the rate the CRA sets, and you can find
> > that information on their website.
> As for penalties, they can be associated with late payments, depending on your
> situation. You can find more information about this on the CRA website. I like
> gambling as much as you do, but I've never been in this situation, so I can't tell
> you more information.
And if you want bingo, you should check out the https://joywallet.com/article/bingo-tour-review/. Okay, man, good luck with your CRA situation, and keep up the excellent work!