Business tax penalties
In accordance with the 2012 Business Tax Bylaw (Bylaw 3M2012), the penalties for late payment are:
- On April 1, a penalty of 7% of the unpaid current taxes will be added to the balance.
- On July 1, an additional penalty of 7% of the unpaid current taxes will be added to the balance.
Penalties on unpaid taxes from previous years accrue at 1% monthly, commencing January 1.
Business tax service charges
- If your bank does not honour your cheque or BTIPP installment, a service charge of $25 (subject to change) will be added to your account.
- If you are paying for more than one business tax account with a single cheque or BTIPP installment and your payment is not honoured by your bank, an additional service charge of $5 (subject to change) will be added to each business tax account affected by the non-payment.
- Penalties are added to your tax account if a returned cheque results in taxes not being paid by the due date.
