With the April 30 tax deadline fast approaching, some Canadians have yet to file their returns, risking potential penalties and missed benefits. For Canadians who file late and owe taxes, the late-filing penalty is 5% of their 2024 balance owing, plus an additional 1% for each full month missed after the due date.

<p>With the April 30 tax deadline fast approaching, some Canadians have yet to file their returns, risking potential penalties and missed benefits. For Canadians who file late and owe taxes, the late-filing penalty is 5% of their 2024 balance owing, plus an additional 1% for each full month missed after the due date.</p>