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Are You Falling Behind on Filing Your Canadian Taxes? Are you being contacted by the CRA about late tax filing?
Don't worry, this is a problem not unique to you. Actegra Business Solutions can help you get back on your financial feet.
I have had many clients come to me with a great deal of concern about their overdue taxes. However, you have support from me. I can help you get your company bookkeeping back to where it should be.
You are not alone, this is common problem for individuals and businesses. Every once and while we get behind on managing our taxes because we are too busy or an unforeseen circumstance occurs. Good news for you is that this is something I can fix. I can quickly get your taxes back on track.
Let me put you a bit more at ease. The CRA (the Canadian Revenue Agency) does not want to aggressively fine you or put you in jail. All they want is to ensure that you pay any taxes you have owing to them. So the sooner you get your Tax Return into them, the faster the problems will go away.
The Cost Of Not Getting Your Returns In On Time
Your main concern is not necessarily that your taxes are overdue, the main problem is that until you file your tax returns you are accumulating interest and penalties for any tax you have owing.
While it is too late for the Late Filing Penalty of 5%, the quicker you get your tax return(s) filed the sooner you can stop the interest being allocated to your account by the CRA. Each month the CRA charges you a 1% penalty on any balance owed to them for your taxes. And if you are late more than once in three years, the penalty is two times the normal amount.
The late filing penalty is only part of what you will be owing the CRA. You also will have compound interest building on any overdue tax filing. This rate varies with current interest rates, but it has been as high as 9%.
As you can see, the penalty and interest payments can be very expensive. You want to get this cleared up as quickly as possible.
A bit of good news, in the past I have been able to get some some financial relief (sometimes all penalty and interest monies due) for my clients when there are exceptional reasons for the late filing of your returns or the payment of taxes. If we have a chance to get you some relief, I can undertake this for you.
If You are Owed Money Back From The Government, Even a More of A Reason To Hurry in Your Tax Return
If you have a refund due to you from the Canada Revenue Agency, you do not have any financial penalties or interest due. You actually have a payment due to your from the Government.
In this circumstance, you are losing out on money due to you. And it is important to note that this is money held by the CRA with no interest being given to your funds. Aside from the money, there may be some other benefits you are also not getting. You need to file your tax returns to receive your HST credits, child tax benefits, and more.
What If You Owe A Lot of Money
From my experience, if you show a wiliness to pay any Taxes owed to the CRA, they will work with you. In the end, they just want to get your taxes paid back and realize it might take some time. I can help you work out a payment schedule with the Government.
Where Do You Start?
Merely give me a call to meet with you and discuss your situation. From there we gather all the necessary documents and start the process of getting your bookkeeping in order.
I will work diligently to get your financials up to date and ready to file. You can then put this problem behind you and get doing again what you do best.