News of the day: National Bank beats expectations, late tax filing penalties, inheritance disputes, Loblaws’ tariff produce labels, savings struggle and more


If you don’t file your tax return on time, you can be hit with late-filing penalties equal to five per cent of any balance owing, plus one per cent of the balance owing for each month your return is late, to a maximum of 12 months. But, if it’s not the first time you’ve filed late, those penalties will get much worse, writes Jamie Golombek.



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