How do I deduct an amount owing from the tax payers refund? They have a statement that shows an amount owing from the CRA from last year. They have a refund due to them this year that can pay off the full amount owing. In Ufile pros but in the balance owing section I do not see an poption to pay off a balance in full, it only talks about installments and amount enclosed (partial payment). Please help
amount owing from 2012
Posted 08 April 2014 - 08:45 AM
When you completing your tax return, you may calculate that you have a balance owing on line 485. Generally, if this amount is $2 or less for 2013, you do not have to make a payment. You may use My account online service for information about your account balance and payments:
You can make your payment in several ways. For more information, please visit:
-Canada Revenue Agency start to charging compound daily interest on any outstanding balance for 2013 starting May 1, 2014, until you pay it in full.
-If you owe tax for 2013, and you file your 2013 return after the filing due date, Canada Revenue Agency will charge you a late-filing penalty.
-You can pay before you file your tax return. If you do, specify the year to which you want the payment applied. When you complete your return, claim this amount on line 476. As long as you file your return on time and pay by April 30, 2014, Canada Revenue Agency will not charge you interest or a late-filing penalty.
-You can file your return early and make a post-dated payment. As long as you file your return on time and pay by April 30, 2014, Canada Revenue Agency will not charge you interest on your balance owing.
For more information on interest and penalties, please visit: