Sunday’s= Personal Tax
Canada Revenue Agency assesses late filing penalties which are based on the amount of taxes owing for returns that are filed late.
There are two ways to avoid a late filing penalty, file your return on time or not owe any money.
It is easier to file on time than it is to be absolutely positively sure that you do not owe any taxes. Some people are convinced they don’t owe any tax but they turn out to be wrong. There is also a possibility that you don’t owe any money based on the information you have, but a T4 gets revised later and now you owe money, and you will be charged with a late filing penalty if you did not file on time.
If you feel that you can’t get everything you need together in time to file your tax return on time, then you should file the return on time and amend it later. The important thing would be to include all of your income, you don’t want to file a return that does not include all of your income sources. Gathering up receipts for your expenses are the usual things that take taxpayers awhile to get together.
File the return with all of your income and sort those receipts as soon as you can to file an amendment.
CRA has many powers but they cannot deem a return to be late if it was filed on time.
No comments yet.