What happens if you don’t file your income taxes on time?

A Canada Revenue Agency building in Ottawa is shown on November 4, 2011. (THE CANADIAN PRESS/Sean Kilpatrick)

By Jeff Lagerquist, CTVNews.ca, April 26, 2017 

Fear of the Canada Revenue Agency (CRA) has caused grown men to burst into tears while clutching thick stacks of unopened mail. Outbursts provoked by mounting fees, compounding interest, and threats of criminal prosecution, according to a prominent Toronto tax lawyer.

Paul DioGuardi says it’s like drips of water filling a pail – only a matter of time before things overflow.

DioGuardi, whose practice specializes in disputes with the CRA, says he has seen it firsthand with clients. Such instances, he says, are typically the result of years of missed filings, and in the most extreme cases, deliberate tax evasion.

With the 2016 tax deadline fast approaching, it’s a sobering reminder of the importance of filing your taxes on time every single year.

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