Behind on filing your tax returns? Did the CRA create a tax debt for you by the without the proper information?
It’s best that you retain us to file any outstanding returns in order to replace the inflated arbitrary tax assessments issued by the CRA, because the CRA can and will impose substantial penalties against you for the information they created.
For first time offenders, the penalty is 5% of your balance owing, plus 1% of your balance owing for each full month your return is late up to 12 months.
Repeatedly filing your returns late will most likely result in your being liable for a much larger fine. If you have not reported an income amount of $500 or more for a tax year it’s considered a failure to report income.
Invictus LLP can assist in coordinating the preparation and filing of your outstanding returns, including but not limited to:
- Personal income tax returns (T1)
- Corporate income tax returns (T2)
- Excise tax remittances (GST/HST)
- Payroll remittances (T4 and T4 Summary)
If you have unfiled tax returns, contact a lawyer at Invictus LLP to see how we can help. If the government has not contacted you regarding your unfiled returns, you may be eligible for a voluntary disclosure.
Invictus LLP’s website contains information of a general nature, was not created to provide legal advice, and you must not rely upon it for legal advice. All tax related matters are fact-driven and will differ from the scenarios we have provided. If you have questions and need tax and legal advice, please contact our office for help!