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(CRA) Canada REVENUE AGENCY Go to the below enclosed website in the Related Link address for a lot more information about the interest rate and penalties that will be due on any unpaid taxes.

If you did not pay your 2009 taxes on time or if there is a balance owing for 2009 on your notice of assessment, we charge compound daily interest starting May 1, 2010, on any unpaid amounts owing for 2009. This includes any balance owing if we reassess your return. In addition, we will charge you interest on any penalties, starting the day after your return is due. The rate of interest we charge can change every three months. See prescribed interest rates.

If you have amounts owing from previous years, we will continue to charge compound daily interest on those amounts. Payments you make are first applied to amounts owing from previous years.

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