The CRA is well-equipped to identify non-filers. In fact, improved database of income transactions enables the CRA to easily identify individuals and businesses that are yet to file taxes. If you want to avoid tax problems, then you’d better to file your tax returns on time.
Unfiled taxes can be considered as a federal crime
If you have received a notice from the CRA because of your failure to file your back taxes on time, then there is a huge probability of your criminal prosecution. The cost of additional tax penalties and interests also increase considerably in such cases.
Unfiled tax returns and back taxes can create a huge legal problem for you, and hence it is crucial that you act before the CRA gets to you. You must seek the services of a tax professional that can help you file your back tax returns without any hassles. Call Tax SOS at (877) 982-9767 or (416) 623-9234 or complete Contact Form right now as we can help you to clear up your back taxes in no time!
Unfiled taxes can result in a range of civil or criminal penalties. Do not allow a simple mistake such as unfiled taxes to become a crime that cannot be retracted, act now!
Tax Alert: Claim of false loses or expenditure on your tax returns can result in huge fines, penalties and even conviction
The CRA has lately published lots of tax evasion and fraud cases in which some questionable tax preparers with their own agenda, claimed huge losses and expenses that equaled the taxpayers’ personal and individual expenses such as mortgage and loan payments. The amount was accounted on T1 tax returns as commercial losses, capital losses, professional income losses and expenses. However, it is important to know that according to the Income Tax Act, tax deductions for personal expenses are not allowed.
It seems that the CRA is determined to identify and take legal action against all the tax payers who are involved in such fraudulent schemes. The Income Tax Act as well as the Excise Tax Act bestows the CRA with the power to reevaluate tax returns, impose charges and penalties.
The CRA can initiate criminal charges against individuals and businesses that are suspected to intentionally evade taxes through fraudulent methods. A conviction in such cases usually results in a fine of up to two hundred percent of the tax evaded or imprisonment of up to five years. The CRA can also publish the details of such cases in the media to threat or warn taxpayers who have such intention.
If you have done similar maneuver in your taxes by your tax preparers who did not act with their due care, then you need to seek independent and professional advice from reputable tax firm that specialized in tax crisis relief!
Call Tax SOS TODAY at (877) 982-9767 or (416) 623-9234 or fill out our Consultation Form for a FREE, CONFIDENTIAL AND NO OBLIGATION consultation!