The deadline to file your 2011 income taxes is midnight, Monday.

Anyone who owes money and misses the deadline will face a five per cent penalty, plus one per cent interest for each month over the deadline.

If you find you owe more than you can afford, Dave Campbell, with the Canada Revenue Agency, said you need to still file on time.

“That way you avoid the late filing penalty. You will be subject to interest; pay as much as you can at the time,” Campbell said.

Once you get your notice of assessment and you still don’t have the money to pay the balance, he said contact Revenue Canada and you can set up an arrangement for payment.

As of last Monday, Canada Revenue Agency had processed about 14-million returns — a little over half the total number it expects to receive — with the vast majority filed electronically.

Two-thirds resulted in refunds, with the average being a little over $1,500.

The filing deadline for self-employed individuals and their spouses is June 15.