It’s a sign of the times: everything seems to be going up, including the billions Canadians owe to CRA. But now is a good time to catch up and stop the tax bleed. Looking at the most recent stats from February 6, 2023 to September 18, 2023, 23% of returns filed this year had an average balance of $7556: collectively a whopping tax debt of $54.8 Billion. These costs grow with expensive late filing penalties and interest charges. Delinquent taxpayers can avoid incurring more costs by understanding the penalties and in hardship cases, requesting relief from penalties and interest. But they may fear CRA repercussions and some sage counselling from their financial advisors can help to get it done. Start with a quick checklist: