Missed The April 30th Cra Tax Deadline?
I cant say I was surprised when the CTV in British Columbia recently reported that
Toronto has topped the list as Canadas tardiest tax filing city in 2007, 2008 and again in 2009.
The reason this didnt come as a surprise to me is because my firms focus is to work with taxpayers who have these types of problems. Being located in the G-T-A I see this more and more. So many individuals and business owners fall behind filing their returns unwittingly make errors on their returns or fail to maintain proper records. We usually meet our clients when the CRA has started to close in on them.
If you are in this situation you dont have to let it go that far!
Not filing returns or failing to declare income on your returns is tax evasion and it is true that you could face administrative and even criminal penalties. The CRA even publishes the names those who have been convicted under the income tax act on their website!
If you owe tax for 2009 and do not file your return for 2009 on time, the CRA will charge you a late-filing penalty. The penalty is 5% of your 2009 balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.
If they charged a late-filing penalty on your return for 2006, 2007, or 2008 your late-filing penalty for 2009 may be 10% of your 2009 balance owing, plus 2% of your 2009 balance owing for each full month that your return is late, to a maximum of 20 months.
There are 3 main elements to any tax problem:
Administrative getting your paper work prepared and filed
Financial coming up with a long term financial strategy to deal with your tax debt
Personal - the personal, medical, financial, or extraordinary circumstances that may have occurred during that tax years in question
We apply these elements to get your returns, objections and/or voluntary disclosures filed, to develop a long term strategy to deal with the financial aspect of your tax debt and fend off CRA enforcement action, to evaluate your circumstances to see if you have grounds for an interest and penalty relief, to step in between you and the CRA to help you make a fair deal that you can live with.
If you missed the April 30th deadline penalties accumulate each month after the dead line has passed. The faster you get your returns filed the more you will save in the long run. If you are behind more than one year filing your returns you should take this very seriously. For a complimentary review of your tax problem visit www.fightbacktoday.ca
by: Mark Feldstein, CA, Mark Feldstein and Associates
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