Better pay those taxes you owe amigo, or Johnny Canuck is coming for you (I just learned that Johnny Canuck is the Canadian equivalent of Uncle Sam in the US).

 

More specifically, if you have any taxes owing, the rate of interest charged to you just went up....again. You can more detail in an article published by the Investment Executive (click here), but allow me to summarize things you may know/not know. 

 

- rate of interest on balances owing rose (again) by a full percentage point to 7%. Think about that when your scoffing at bank lending rates

- if you chose to invest your money instead of pay your taxes owing, your investment return would need to exceed 15%

- late filing penalty? yup....5% of balance owing

- still didn't file.....1% per month each month thereafter for 12 months

 

 

Want to know more, read the article. Don't want to know any more.....pay your taxes so you never have to know.