Nearly half of Canadian tax filers have yet to submit their returns, a new CIBC report says.
As of Monday, 14.3 million Canadians had submitted a return, Canada Revenue Agency reports. With returns due April 30, 45% of Canadians still have some work to do.
"If you don't file your return on time, penalties can add up quickly," CIBC's managing director of tax and estate planning Jamie Golombek said in a release. "CRA imposes a penalty of 5% of the amount owing for 2011 plus 1% of the outstanding balance for each full month that your return is late, to a maximum of 12 months."
So far, the CRA has issued refunds of $14.8 billion, with the average refund being about $1,500 per person. There is $5.2 billion reported as taxes owing to the government.