Challenging Audit Findings

Late Filing Penalties and Interest provides a comprehensive overview of how financial consequences are assessed when tax returns, remittances, or installment payments are not filed or paid on time in Canada. Built for accountants, tax professionals, business owners, and finance leaders, this course examines the legislative framework and practical application of penalties and interest under the Income Tax Act and related statutes. Participants will explore how late-filing penalties apply to individuals (T1), corporations (T2), trusts (T3), and partnerships (T5013), along with GST/HST filings, payroll source deductions, and withholding tax obligations for non-residents. The course explains the differences between punitive penalties and compensatory interest, including how prescribed interest rates are set, how daily compounding works, and how unpaid balances can grow over time. Special attention is given to repeat non-compliance, failure-to-remit penalties for businesses, installment interest, and the interaction between penalties and interest in real-world scenarios. Through clear video instruction, supported by downloadable reference materials, practical case examples, and knowledge checks, learners gain a structured understanding of how the Canada Revenue Agency administers enforcement measures and how to proactively manage compliance risk. The program is delivered online and is fully self paced, allowing participants to progress in a flexible, low-stress learning environment. This course contributes toward the Canadian Tax Mastery Certificate, the Tax Ethics, Policy, and Legal Framework Certificate, and the Sector-Specific and Emerging Tax Issues Certificate. It is designed to strengthen practical tax knowledge, improve risk awareness, and support informed decision-making in professional practice.