A new survey conducted by H&R block says one in four Canadians have yet to file their taxes, and as the deadline looms, so do the penalties.

The deadline to file your 2023 taxes is Tuesday, and if you owe money, you could face steep fines that accrue interest.

Many Canadians still haven’t filed, and according to H&R Block, there are two driving factors.

The first is that for many, it just isn’t a priority — but for many others, a lingering fear of owing money has them dissuaded from submitting their return.

“The Canada Revenue Agency reports that every year around 10% of Canadians fail to file their taxes, but we’re seeing an increase in delayed filing this year, and many who anticipate they will miss the filing deadline altogether,” said Yannick Lemay, Tax Expert, H&R Block Canada.

If you do decide to file past the deadline, the CRA says there’s an automatic five per cent late-filing penalty that’s applied to the balance you owe them.

There’s also an additional one per cent penalty for each month your return is late, up to a year — making for the possibility, in the worst case, of a return with a 17 per cent interest tacked onto it.

“We know that for some people the fear of owing money is a big contributing factor, although the vast majority of people that have filed so far have received a refund,” Lemay said.

According to the survey, 25 per cent of respondents said they’re going to miss the deadline entirely, and 4 per cent said they simply have no plans to file at all.

Even if you don’t expect to owe any money, experts urge Canadians to file on time to qualify for a refund or government benefits, including the GST and HST tax credit, Canada carbon rebate and other eligible housing credits.

Many tax services are open early and close late on Tuesday for anyone needing assistance with filing on time.

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