CRA or the Canada Revenue Agency is an agency of the Canadian Government. This agency sets and enforces the tax policy on the national level. It also handles the taxes for many Canadian territories and provinces. It not only handles the CRA Tax Collection but also oversees the payroll tax collection of all companies in Canada. It also supervises many tax-related areas, such as CPP and EI administration. It also works like the tax agencies of many other countries. This agency has the power to use lots of ways for collecting taxes and taking actions against the delinquent taxpayers.
Lots of people face tax problems. It is essential to become well-informed about all the perspectives prior to dealing with tax collection issues with the CRA Tax Collection. A large number of people are very much conscious about the consequences of paying tax after due date. They are aware about the heavy punishments and interests as per the rules of CRA Tax Collection. On the other hand, lots of people are not so much responsive to the large interests on the tax charged by the CRA Tax Collection. The amounts of the penalties and interests are always bigger for the repeat offenders.
Additionally, the interest charged by the CRA Tax Collection is higher than the bank rate of interest and it is increased daily in compound basis. So, the people who do not pay their taxes for a few years use to see that a large amount of their total tax debit is made up of interests and penalties. As the interest is compounded daily, it rolls non-stop for years.
Now-a-days, the unfiled tax problem of business owners or individuals are increasing day by day. Because, most of them think that they will not be able to pay the tax owing. In fact, it is one of the main causes for not filing taxes in time. As a result, they have to pay a big amount as penalty charged by the CRA Tax Collection.
Though the CRA Tax Collection has alert the people, even the poorer who have missed to file their taxes on time, they can be charged criminally for this occurrence. They might get guilty in the court of justice for delaying to file taxes.
So, it is better to take the advice of tax consultant for avoiding such a condition. Because, the experienced tax consultant only can help you to take the necessary step for avoiding tax problem or minimizing the tax penalties charged by the CRA Tax Collection.
A consultant only can provide to take proper steps for avoiding tax problems which are related to paying tax effectively. You can take the advice without any hesitation because, they can offer you free consultancy.