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The interest rate on the late assessment, after resubmitting
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I filed my income tax for the year 2022 on time. I started to call CRA in July after not receiving the refund and they insisted on resubmission. I resubmitted toward the end of September 2023. I've just received notice of assessment and it's February 2024, almost a year after the first submission, but they charged themselves only an interest of %1. I expected to get paid something closer to %5. (((30 365-120) / 365) \ 7*)

Did I make a mistake to resubmit? The first submission was online; I have the tracking number from the platform I used (WS) and I included that info in a letter when I resubmitted.

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Posted
11 months ago