Plain meaning
The amount a taxpayer must pay after a return is assessed or reassessed and all credits, payments, and withholdings are applied.
Also called
amount owing
tax owing
Key points
- A balance owing may arise when tax payable exceeds amounts already withheld or paid by instalment.
- Payment deadlines can differ from filing deadlines, especially for self-employed individuals.
- Interest can apply to late-paid balances, even if the return itself is filed on time.
- CRA may offer payment arrangements, but interest generally continues until the balance is paid.
Why it comes up
Balance-owing rules affect filing-season cash flow, instalment planning, and CRA collection measures.