Late Filing Penaltys – CCRA
January 10th, 2008 by Questions
When you file late with CCRA – They can hit you with a 20% late filing penalty on tax`s owing – My question is with Bankruptcy are Penalty`s for Late filing eligable for discharge or is that considered a `Fine` and not dischargealbe. My second question is are you of the opinion for a second time bankrupt that it would be better to wait for the new rules to click in or is it better to go now under the current rules? I think I would fall under the category of 2nd time with surplus. Thanks
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January 11, 2008 at 10:42 am, Barton Goth GCO Bankruptcy Trustees said:
The late fee with CRA is something that will be discharged by a bankruptcy (at least up to the date of bankruptcy).
When the Bankruptcy Act referes to “fines not eligible for discharge” it is looking at fines that are imposed by a court for criminal or quasi-criminal behavior.