Updated October 28, 2016. Exterior walls can be finished with a wide array of materials and techniques. Exterior wall finishes can produce significant savings for the contractor as well as for the building occupant and there are many options that will protect you from fire, heat, snow and that can save some money to you.
When Is Penalty Interest Payable? Penalty interest is payable when money is due, but is not paid by the due date. This means that late payment of deposit or late payment of the balance of the purchase price at settlement will usually give rise to an obligation to pay penalty interest.
The interest, which is not tax deductible, is compounded daily and charged at the CRA prescribed rate plus an additional four per cent (for July to September 2005, the rate is: 3% + 4% = 7%). The penalties for late-filed returns are also subject to arrears interest from the return due date onwards. The technical interpretation In a recent technical interpretation released earlier this year (2005-0119721E5), the CRA was asked to comment, in light of the new legislation, whether various penalties, fines and interest imposed by various taxing statutes are deductible.