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Ontario|Tax LawRules for Individuals 174 When do you have to pay your taxes? If you earn income from employment, your employer is obligated to deduct tax installments from every pay cheque and remit them to Canada Revenue Agency. If you do not earn income from an employer or if your employer did not deduct enough from your pay cheque during the year, you will usually owe tax when you file your tax return. You are required to pay tax on certain types of investment income you earn during the year regardless of when you actually receive it.
Under the law you are required to file your tax return and pay any taxes owing by April 30 of the following year. If you file your return or pay taxes late, you will usually have to pay a penalty of 5% of the amount owing plus 1% for each month it is past due up to 12 months. You will also be charged compound daily interest on the outstanding tax.
For additional information on late payments and penalties, you can contact Canada Revenue Agency. This number is listed in the Blue pages of your telephone book.
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