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Line 485 – Balance owingIf your total payable (line 435) is more than your total credits (line 482), enter the difference on line 485. This amount is your balance owing. Generally, if the difference is $2 or less for 2005, you do not have to make a payment. Important dateYour balance owing is due no later than April 30, 2006. Making paymentsWhether you file a paper return or file electronically, you can make your payment in several ways:
Note Do not mail us cash or include it with your return. You can file your return early and make a post-dated payment as late as
April 30. In that case, if we process your return before the date of the payment, your payment will appear on your Notice of Assessment, but it will not reduce your balance owing. We will credit your account on the date of the payment and then send you a revised statement of your account. To view your information on your account balance and payment on filing, visit My Account. Payment arrangementsIf you cannot pay your balance owing on or before April 30, 2006, we will accept a payment arrangement only after you have reasonably tried to obtain the necessary funds by borrowing or re-arranging your financial affairs. If you cannot pay the balance in full, you should contact your tax services office to discuss a mutually acceptable payment arrangement based on your ability to pay. We still will charge daily compound interest on any outstanding balance starting May 1, 2006, until you pay it in full. Your failure to proceed with timely action to resolve your tax arrears can lead to serious measures by CRA including legal action such as garnisheeing your income or your bank account, or initiating other legal action such as seizing and selling your assets. Tax Tip Completing your tax returnSubtract your total credits (line 482) from your total payable (line 435). If the amount is positive, you have a balance owing. Enter this amount on line 485. Forms and publicationsRelated topics
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