Heres how much it will cost you if you file your taxes

OTTAWA — As the deadline to file income tax returns looms, tax professionals have a dire warning for Canadians: Even if you can’t pay your tax bill immediately, filing your return after the deadline means you’ll face an even heftier bill.Regardless of whether you owe the government a dime, filing late may also delay the payment of your quarterly GST/HST credit or Child Tax Benefit.The deadline for individuals to file their income tax returns is a week away, on April 30. For the self-employed, the deadline is June 15.Navneet Negi of H&R Block says missing that deadline triggers charges that start piling up on your tax bill right away.“The one thing that people fail to take note of is there is a late filing penalty,” he said.Hey last-minute tax filers: Don’t make these common, costly mistakesChanges in your relationship status can have a major impact on tax returnIf you owe money for 2014, compound daily interest is charged starting May 1. But you’ll also face the late-filing penalty of five per cent of the amount owing, plus one per cent of the balance owing for each full month your return is late to a maximum of 12 months.That amount can bloat even further if you were charged a late-filing penalty for 2011, 2012, or 2013. If that’s the case, your late-filing penalty for 2014 may be 10 per cent, plus two per cent of your 2014 balance owing for each full month your return is late, to a maximum of 20 months.As well, you need to file a timely tax return to apply for the quarterly GST/HST credit, or if you or your spouse or partner want to receive the Child Tax Benefit.“Filing your return late may cause a delay or interruption of these payments,” Jelica Zdero, a Canada Revenue Agency spokeswoman, said in an email.“The CRA encourages Canadians to use its quick, easy, and secure electronic services to file their income tax and benefit returns on time and pay any amounts owing.”Even if you’re missing information, tax professionals say you should file your return on time anyway to avoid the penalties.You can file the changes later, once you get the information, when you receive your notice of assessment from the CRA. You’re also able to request changes to tax returns for the previous 10 years if you realize you failed to claim deductions you were entitled to.

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