Tax Tip: So You Owe Income Tax... Now What?

OTTAWA, ONTARIO--(Marketwired - April 24, 2015) -

Did you know?

If you have a balance owing this tax-filing season, your payment is due in full by midnight on April 30, 2015. If you received income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by instalments. We will issue you a reminder if we think that you may have to pay by instalments. Failing to pay in full and on time will result in interest charges, and could lead to legal actions by the Canada Revenue Agency (CRA).

Self-employed individuals and their spouses or common-law partners should be aware that this year's filing deadline is midnight on Monday, June 15, 2015. However, if you have a balance owing for 2014, you still have to pay it on or before April 30, 2015.

Payment arrangements

If you cannot pay your balance owing by the April 30, 2015, deadline, you can make a payment arrangement in one of the following ways:

- Make a pre-authorized debit payment agreement using My Account;

- Call the CRA's TeleArrangement telephone service at 1-866-256-1147; or

- Call the CRA's debt management call centre at 1-888-863-8657 to speak to an agent.

Visit the CRA's collections webpage at www.cra.gc.ca/collections to learn more about managing your tax debt.

Stay connected

To receive updates when new information is added to our website, you can:

- Follow the CRA on Twitter - @CanRevAgency.

- Subscribe to a CRA electronic mailing list.

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You can also watch our tax-related videos on YouTube.