It is the law that all corporations with operation in Canada have to file a corporation tax return each year. Corporation tax filing has to be done every year within a period of six months of the tax year end and the payment of the amount can be done within two or three months after the taxation year end.
If your corporation taxes are filed late, CRA will levy late filing penalties. For non-compliance of corporation tax filing, the penalty for late filing of the tax is up to 17% for the first offender. For repeated failure to file on time within last three years, CRA charges up to 50% as penalties. There will be compounded daily interests added on top of the penalties.
RUSH TO FILE LATE CORPORATION TAXES MAY COST YOU MORE
For people with corporation back tax problems, quite often they rush to file their back taxes prior to truly understanding the consequences. This ends up costing more as a result of the hefty penalties and interest charged by the CRA for late filing.
FREE TAX CONSULTATION & RATES GUARANTEE
At Tax SOS, we specialize in strategically resolving your corporation tax filing issues. We will analyze all potential options and outcomes associated with your back tax problems and recommend the best course of action to minimize the damage.
We offer an initial consultation completely FREE. We guarantee our rates as the most competitive in the tax resolution industry.
Tax problems won?t just disappear automatically. Get help TODAY by calling the Tax SOS team at 416-623-9234 or 877-982-9767 or go to the Contact page.
