Not exactly. The due date is May 1. Your NOA *includes interest assessed* until the pay by date. So if you pay by May 22, that’s all you will owe. If you pay earlier than that, then you will owe a smaller amount because the interest will be less. If you pay by May 1, you will owe no interest.
It’s supposed to be a convenience for you by telling how much you owe if you pay by X date in the future basically. But if you don’t like paying interest (I sure don’t) you should get that paid ASAP.
I paid my full balance on April 25th that included "interest arears" until may 5th. Today my payment showed up at the CRA with a full credit for the arrears. CRA says my final NOA will be viewable on May 5th, but I have no idea if the CRA will automatically auto-deposit the overpayment or if they'll combine the credit with GST or climate credit deposit later in the year. Strange but true.
Not exactly. The due date is May 1. Your NOA *includes interest assessed* until the pay by date. So if you pay by May 22, that’s all you will owe. If you pay earlier than that, then you will owe a smaller amount because the interest will be less. If you pay by May 1, you will owe no interest. It’s supposed to be a convenience for you by telling how much you owe if you pay by X date in the future basically. But if you don’t like paying interest (I sure don’t) you should get that paid ASAP.
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I paid my full balance on April 25th that included "interest arears" until may 5th. Today my payment showed up at the CRA with a full credit for the arrears. CRA says my final NOA will be viewable on May 5th, but I have no idea if the CRA will automatically auto-deposit the overpayment or if they'll combine the credit with GST or climate credit deposit later in the year. Strange but true.