If you don’t submit your tax return on time, the Canada Revenue Agency (CRA) will not only charge interest on any amounts that you owe but you will also be charged a late-filing penalty. Furthermore, filing late may cause delays to any benefit or credit payments that you may receive, such as the Canada child benefit (CCB) or the GST/HST credit. This CRA page has more information on what penalties you will face if you don’t file your tax return on time: Interest and penalties on late taxes
A better alternative than not filing your return would be to contact the CRA and set up a payment arrangement so that you can pay your taxes owing over time. This CRA page has more information on setting up a payment arrangement: Payments to the CRA - Arrange to pay your personal debt over time
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