Free Canadian Tax Calculators | Common Accounting

Late-filing penalty calculator

The CRA charges a late-filing penalty of 5% of your balance owing, plus 1% for each full month your return is late (max 12 months). If you were charged this penalty in any of the three prior years and the CRA formally demanded a return, it rises to 10% plus 2% per month (max 20 months). Compound daily interest accrues on top.

Balance owing to the CRA (CAD)

The tax you owe — not your total income.

Full months late

Counted from the filing deadline (April 30 for most people).

Annual interest rate (%)

The CRA's prescribed arrears rate changes quarterly — check the current one on canada.ca and enter it here.

I was charged a late-filing penalty in 2023, 2024 or 2025 and the CRA issued a formal demand to file (higher 10% + 2%/month rate applies)

Estimated total cost of filing late

$602

That's 12.0% on top of the $5,000 you already owe.

Base penalty (5%)$250
Monthly penalty (1% × 4)$200
Estimated interest$152
Penalty + interest$602
Total owing to the CRA$5,602

⚠ Every additional full month adds $50 in penalty. File as soon as you can, even if you can't pay in full — filing and paying are separate.

Estimate only. Interest is compounded daily by the CRA and the prescribed rate changes quarterly, so your actual amount will differ. Penalties may be reduced under the CRA's taxpayer relief provisions in some circumstances — worth a conversation if the number above is large.

T1135 & T1161 filing checker

Two of the most expensive forms to miss. T1135 applies if the total cost amount of your specified foreign property exceeded CAD $100,000 at any time in the year. T1161 applies when you emigrate from Canada owning reportable property over CAD $25,000.

Highest total cost amount of foreign property during the year (CAD)

Cost amount — generally what you paid, not today's market value. Include foreign bank accounts, shares, rental property and debts owed to you.

This is personal-use property only (e.g. a vacation home you don't rent out) I emigrated from Canada (or will) during the tax year

If you missed the deadline — days late

T1135 penalties run at $25/day, minimum $100, to a maximum of $2,500 — and can go much higher where the failure is knowing or grossly negligent.

Your filing requirement

T1135 required

Your foreign property exceeds the CAD $100,000 cost threshold.

T1135 — Foreign Income VerificationRequired
T1161 — List of Properties on EmigrationNot required
Estimated late penalty$0

⚠ T1135 is due with your return. Penalties begin at $25 per day, so this is one to file on time.

Guidance only. The definition of specified foreign property has real nuance — property held in an RRSP or TFSA, foreign shares held in a Canadian brokerage, and personal-use property are all treated differently. If you're anywhere near the threshold, have it checked properly.

Self-employed tax estimator (Ontario)

Freelancers get caught out by two things: nobody withholds tax for them, and they owe both halves of CPP. This estimates federal tax, Ontario tax and CPP contributions on your net self-employment income so you can set the right amount aside.

Gross self-employment revenue (CAD)

Deductible business expenses (CAD)

Home office, vehicle, software, supplies, professional fees, phone/internet.

Other income already taxed at source (T4 etc.)

Included so your marginal rate is realistic.

RRSP contribution you plan to make (CAD)

Set aside approximately

$21,227

About 28% of your net income — roughly $1,769 a month.

Net self-employment income$75,000
Federal income tax$8,912
Ontario income tax$3,654
CPP (both halves)$8,660
Total to set aside$21,227
Effective rate on net income28.3%

⚠ Revenue over $30,000 usually means you must register for HST once you cross the threshold over four consecutive quarters. See HST registration.

⚠ Owing more than $3,000 typically triggers quarterly instalments next year. Planning for that now avoids an unpleasant March.

✓ An RRSP contribution would reduce this directly — try entering an amount above to see the effect.

Estimate only, using current federal and Ontario brackets and CPP rates, the basic personal amount, and the standard deduction for the employer half of CPP. It excludes most credits, HST, the QPP, and provincial surtaxes. Your real return will differ — get an exact number.

Tax calculators for Canadian filers.

Late-filing penalty calculator

T1135 & T1161 filing checker

Self-employed tax estimator (Ontario)

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