British Columbia Updates Bulletin on Penalties and Interest

British Columbia has updated Bulletin CTB 005, “Penalties and Interest” which discusses how penalties and interest apply to assessments for late payments or underpayments, missing tax returns and for failing to charge, collect and remit tax.

British Columbia has a policy where they generally will not apply a penalty on tax assessments where the taxpayer has not been previously assessed on the issue.  This revision corrects an error by stating that quarterly filers are required to have a 12 month history of filing tax returns and paying security or tax in full and on time in order to avoid a first time penalty.