CRA Penalties & Interest Calculator

[niina]

Is their a calculator in Taxcycle to calculate the penalties & interest due to the CRA? Can’t seem to find one. TIA

[pugs1]

it is automatic if say your filing a 2019 it will ask for a date when it will be paid

[niina]

It’s a T2. Payment was Due March 2nd, 2020. I am just Efiling now, but on the client copy, just says the amount due is payable by March 2nd & doesn’t give it automatically the way it does for my T1s. Am I missing something?

[sarka]

Press F4 and search for Interest & Late Filing Penalty Worksheet. Make sure to enter the dates the return is being filed and the date of the actual or anticipated tax payment. This will trigger the calculations.

There is a summary at the bottom that will flow to the client letter.

[niina]

That’s exactly what I was looking for! Kept getting the wrong one! Thanks a bunch!