Canada Late Tax Filing And What It Could Mean to You
Posted by support2 March 01 2014
Tagged Under : Canada late tax filing, Late tax filing, Late tax preparation, Late Tax Return
For Canadians, there is a penalty for not filing their taxes on time. There is no way of getting out of this system of paying taxes. While it may appear to be cheaper, working out the figures and doing it yourself can cause a number of problems. Also the tax bills can end up much higher than they need to be. Canada late tax filing will guarantee you a late filing penalties accrued as well as an interest that will be charged on the outstanding tax owings.
In addition, you will be going through the process with loaded stress. To keep within the law, you need to have all the details in to the authorities by midnight on the 30th April each year. It has to be in by this date or there are a range of penalties that can be levied onto the account. Normally this will include 5% of what is owed, a further 1% of the outstanding balance that is owed for each month that the bill is unsatisfied and this will continue until 12 months has been reached. Canada late tax filing incurs increasing charges the more that it happens. If there has been a penalty levied in the previous 3 years, there will be additional payments passed on to you for this second late payment.
Under these circumstances it will be 10% of the amount outstanding along with 2% for each month that it is not paid, and unlike with the first occasion the limit being 12 months, here it will be 20 months. It is clear that when living and working in Canada, Canada late tax filing is to be avoided and the best way to do this is to have someone help with the job. By employing a company to take over the strain and sort out the taxes, life will be much easier. To make sure that there are no problems at all, they can take over the whole process and make sure that not only is the return filed on time, but it will be filed correctly and won?t leave you open to challenges in the future.
A further spanner in the works can be when the interest rate changes and it is possible for this to happen every three months. If you are not aware of this you could be caught off guard, but if you have professionals working on your behalf, they will be aware of these changes and will make sure that your tax owing to be kept to the minimum. There are certain times when it will be possible to have the fees refunded when Canada late tax filing occurs, but again it will be best to use a professional company as they will know the law, and understand what is likely to be successful and what will fail.