Category Archives: Late Tax Filing

Avoid the Downfalls of Late Tax Filing

If you are late filing your taxes in Canada there is no need to worry that you are the only one. Many people miss the deadline and it is for a variety of reasons. Sometimes there is the belief that nothing is owed and so do not have to put in a return. Some people will know that they will need to pay tax, but think that if they don’t put in a form they will seemingly disappear from the records and get away without paying – this will certainly not happen. Late tax filing can also happen if you know you need to pay but are not able to find the money.

While late tax filing means you have to pay a penalty it is also serious and is classified as a crime, meaning that there will be time and effort put into sorting the case out and presenting you with the bill. If you have not been able to access receipts and records, you still need to get in touch with the authorities and come to an arrangement. Late tax filing could mean that you are rushed when you least need to be so the ideal solution is to use the services of a qualified tax consultant who has plenty of experience when it comes to tax returns and late tax filing.

The longer you ignore the situation and don’t put in your return, the longer you are breaking the law. End the late tax filing problems by submitting your tax returns as soon as you can. Owing tax is not illegal, so it is best to file and then let your representative arrange a payment plan – or even better – a reduction in what is owed by way of the removal of interest and penalties.

If you do not put in the return on time, it is going to be estimated and the figure that the CRA come up with may be a lot higher than it should be. You will then be left trying to figure out the correct figure and all because you have late tax filing issues and have not submitted the correct details to the CRA. If you do not manage to get your representative to slow down the process and negotiate the affordable tax payment plan for you, there may be legal sanctions put in place and it will be difficult for you to carry on your day to day life.

Regardless of how far behind you are with late tax filing the problem will not go away. It may just be a year but could be as far back as ten years and the tax debt is still there. The late tax filing penalties are 5% of what is owed for first time offender, and over time this can add up to a substantial figure. Added to this will be another fee of 1% for each month that the payment is late and this will last for 12 months and compounded daily interest. If you have been late tax filing in the past three year, the penalty is going to be higher.

Getting Ready to File Income Taxes Past Years

It will never be too late for you to file your income taxes past years. People think in terms of filing their income tax returns generally for the current year. But, if you have not filed tax returns for the past few years or you have tax returns which are overdue or outstanding, you can seek tax accounting help from professionals.

 

People who have not filed income taxes past years have to be wary about penalties for tax returns which are being filed late. CRA may apply a penalty for failure to file the taxes on time. The defaulters may also get a Notice of Assessment. This notice will summaries the earnings on which the default assessment has been based. The Notice will also inform the defaulters the date by which the overdue returns have to be filed. Penalties will be severe on people who have more than a single tax return which is outstanding in their name or if they have a poor history of tax return filing. All those who have not complied with a request to file their tax returns will be dealt with severely.

 

The CRA can collect information concerning your income taxes past years from your banks, employer and other government agencies. If you seek professional help, the tax accountants will be able to connect your Social Insurance Number and can access details about your filing status with the CRA to ascertain the actual submission periods that have been reported.

 

The accounting firm will also work with you to ascertain the deductions that could be relevant and help you in locating that information. If you are able to retrieve your past receipts, information, expense bills and bank statements for the purpose of filing income taxes past years, it would make things easy for you and your accountant. There are few deductions that you will be in a position to claim even when you do not have receipts.

 

Your tax accountant can submit a nil returns if you were not required to file a tax return for some of the total outstanding years when you decide on filing income taxes past years. This will help you to get up to date with the CRA tax office. When you complete your tax returns which are outstanding by filing for income taxes past years, you may be able to match your past entitlements for the benefits due to you like, GST tax credit, child tax credits.

 

When you file your late return, you may still be entitled for refunds to take advantage of that. It will be a daunting task to retrieve all the information and compile it on your own. It is, therefore, better to take professional help. It will give you the peace of mind when you bring your tax records up to date with the CRA. The tax accounting firm can help you in keeping your records in a systematic manner. It can help you with your record cards, newsletters, annual reminders, bank statements, log books, receipts and bills.

Five Income Tax Preparation Tips!

Each year tax season seems to come out of nowhere and we all scramble like mad to get our paperwork in order for our income tax preparation to be done by the Income Tax Accountant. What if it didn’t have to be that way, what if you were organized all along the way? With just a few simple tips you can be well prepared for tax time. You can make your accountant happy and file your income tax preparation with ease. You don’t have to think of everything, in fact you should be consulting the experts at Tax 911 Now. The tax qualified pros at Tax 911 Now serve the Toronto, York region Durham Region and more, helping worried tax payers meet the tax deadline. Let the experts at Tax 911 Now determine which deductions and tax credits are available to you, ensuring you get the best tax result. Claiming all of your deductions and using all of your available tax credits means you will get the biggest tax refund available to you. 

 

  1. Consult a tax professional: if you live in the greater Toronto area consult the pros at Tax 911 Now, let them help you get ready for your income tax preparation.
  2. Create a personalized checklist: Create a checklist of paperwork you need to take to your tax preparer, attach the checklist to a folder and check off the items as you put them in the folder.
  3. Keep tax papers in one place: Set aside a shelf or a drawer where you will keep all of your papers for income tax preparation purpose, that way come tax time you don’t have to look through your entire home or office.
  4. Categorize documents and receipts as you go: buy an expandable file folder and label the tabs, spend a few minutes each week filing your receipts away. This will save you hours or work at income tax preparation time!
  5. Make a list of questions for your Income Tax Accountant: When you think of a question or concern that you have make a note of it, that way when you are ready to come for your income tax preparation. 

 

Don’t let tax season get you down, be prepared for your tax return and get some professional help, Tax 911 Now offers solutions and immediate action to your tax concerns. Tax 911 Now specializes in tax resolution, no matter your situation, we can help. If you live in the greater Toronto area, York Region or Durham Region come for a visit with the tax professionals at Tax 911 Now. Our staff is professional and dedicated to help you with your income tax preparation. Call today, 1-877-918-2991 or come to our office located at 129 Telson Road, Suite # 100, Markham, Ontario, L3R 1E4

Tax Preparation Service

If you are like millions of other individuals throughout Canada, you might not be happy with the numbers for your final tax bill or tax returns. Perhaps you thought you should receive more than what your calculations are showing, or maybe you have to pay an amount that just doesn’t seem right. While you probably have done everything you can with the tax preparation, it might just be time to call tax professionals for help. At Tax 911 Now, we are going to make sure you receive professional assistance from our experienced team. We spend all these years focusing on tax rules and regulations, so we know how to better leverage the knowledge to bring you the best tax benefits. With this help, your probability of improving your tax return and reducing your tax bills increases significantly.

 

Tax Preparation Service Assistance

Our professional tax accountant team at Tax 911 Now knows where to look to spot those areas that you might have missed when help clients with the tax preparation. While you may have filled out everything correctly, there are some deductions, write offs and other areas in the ever changing Income Tax Act that are incredibly easy to miss. If you miss the information, chances are the government is not going to correct it. When this happens, it is just like you are throwing away money simply because you didn’t know how to fill in some specific information. On top of all these, with your current work, family life and social life commitment, you just don’t have the necessary time to read up on the latest changes to the tax law and make the needed update or changes on your tax returns. So, instead of spending lots of time getting disappointing results, seek helps from experienced tax professionals for your tax preparation and you will be happy that you did it.

 

Late Tax Preparation Services Toronto

Of course, with so much going on in your life, it is incredibly easy to completely miss out on completing your taxes on time. Should this happen you need to know what to do and how to correct the situation. While filing the return and sending it in is part of the first step, our seasoned tax professionals know how to reduce penalties that might be associated with the late tax filing. Sometimes different events in life take place and there isn’t anything you can do about it. With our tax preparation assistance, you can breathe a bit easier.

 

Use the Best Tax Preparation Services

For the professional tax preparation assistance, feel free to contact and visit Tax 911 Now at our offices at 129 Telson Road, Suite # 100, Markham, Ontario, L3R 1E4 or call us by phone at: 1-877-918-2991 for a free consultation.

Tax Preparation for Individuals and Businesses

Canadian tax rules and guidelines seem to change each year. It seems that tax system is forever complicated. Tax doesn’t have to be a hassle, in fact, with the right tax preparation team, tax season can be downright rewarding. If you live in Toronto or other cities in Canada and are concerned about your tax preparation, here are some tax preparation tips to help make filing your taxes easier. 

 

Toronto Tax Preparation for Individuals

According to the Canada Revenue Agency, some things that could help your tax preparation run a bit smoother are: set up direct deposit, save dependent care receipts, save charitable donation receipts, save retirement savings documents, save student tuition receipts, save first time home buyers documents, and more.

  • Direct Deposit
    Setting up direct deposit helps you be ready when you file your taxes. In some cases, it can even provide a quicker return. File on time to prevent late penalties and delays. 
  • Dependents
    The activities you sign your kids up for may provide additional tax savings, as well as, caring for dependents with physical or mental impairments, so be sure to save your receipts. 
  • Students
    You may be eligible to claim tuition, textbook, education amounts, and student loan interest, so be sure to save your school tuition statement. 
  • Charitable Donations
    Cash, goods, and land donations etc., made to a registered charity may be eligible for tax credits, so be sure to save all donation receipts. 
  • Retirement Savings Plans
    Contributions to your RRSP are tax deductible, so be sure to save all RRSP tax forms. 
  • First Time Homebuyers
    Homebuyers may be able to get tax credits for the purchase of their first home, so be sure to save all paperwork. 

 

Toronto Tax Preparation for Businesses

According to the CRA, business records, whether paper or electronic, must be reliable and complete, contain correct information you need for fulfilling your tax obligations and entitlements, and be sustained by supporting documents such as appointment books, log books, income tax, sales tax, GST/HST returns, tax/harmonized sales tax, scientific research and experimental vouchers and records, and certain accountants working papers. So, be sure to keep accurate accounts of these documents for tax preparation.

 

Tax Accountant Toronto

We are Tax 911 Now, we’re located in Greater Toronto Area, and we have a professional team of tax consultants. Our dedicated team of experienced tax professionals cover a wide range of individual and business tax services including tax return Toronto, late tax filing Toronto, CRA audit Toronto, Tax audit help Toronto, VDP Toronto, tax evasion Toronto, tax amnesty Toronto, tax lawyer, Toronto tax problems, Toronto cra tax appeal Toronto, tax objection Toronto, tax payment plan, Toronto CRA collection Toronto, CRA garnishments Toronto, CRA bank freeze Toronto, tax relief Toronto, taxpayer relief Toronto, and tax consultant Toronto, and more. At Tax 911 Now, we understand all about Toronto’s tax issues, rules, and regulations and are prepared to help you avoid the costly tax preparation mistakes that may trigger an audit. Tax 911 Now services the Toronto, York Region, Durham Region and other regions of Canada. Call us for tax help today for free consultation.

Tax 911 Now
129 Telson Road Suite #100
Markham, Ontario
L3R 1E4
1-877-918-2991

Six Essential Tax Preparation Tips

If your tax situation has gotten little more complicated this year, you’ll want to read this. At Tax 911 Now we have some tips to give you so that you can get your tax preparation completed as soon as possible. The sooner you file your taxes, the less money you’ll have to pay in penalties and interest. We tax professionals at Tax 911 Now will help you to get your taxes prepared quickly and accurately, and you will not have to worry anymore. Here are six steps to take to get ready for tax preparation with a tax professional:

  1. Know your social insurance number and gather the numbers for those who will be on your return.
  2. Gather information including tax information slips, and other information sent by employers, banks, and businesses.
  3. Be sure to have your information about other income including self-employment income and rental income etc.
  4. Have your personal income tax information on hand such as your RRSP contribution limit.
  5. Have your receipts for deductions ready. Your Tax 911 Now tax professional can help you know what expenses are deductible.
  6. When you are ready with your information, Call Tax 911 Now to make an appointment.

 

Late Tax Preparation

Even if you are late filing your taxes, Our Team at Tax 911 Now can help you take care of your problem.

You will still need the information listed above when you come for a visit with us in the Toronto area or other region in Ontario. The sooner you file your return, the better off you will be financially.

 

Tax Preparation to optimize your refund

You may think that you can prepare your own taxes, but if your situation is more complex than average, you will wish that you had called a professional sooner. If you want to optimize your tax and you live in the Toronto area or other nearby region of Ontario, we professionals at Tax 911 Now are available to help solve your problems.

The fees you will pay for professional services will be compensated for by the additional tax savings that you will get from our services. We give very professional, expert services enabling you to receive the optimum tax results. You will definitely want call Tax 911 Now for your tax preparation needs again next year. Many of our clients come back to us year after year for our superior services.

If you are thinking about tax preparation services, call a Tax 911 Now tax professional today at 1-877-918-2991 and come visit us at the office.  Why struggle and worry any more about your tax preparation? You have better things to do, and we can help you.

The address of our office is:

Tax 911 Now
129 Telson Road, Suite # 100, Markham, Ontario, L3R 1E4

Help for Unfiled Tax in Canada

Everyone has difficulties with finances at one time or another. Sometimes these difficulties are a direct result of a misunderstanding related to taxes. If you are living in the Toronto area and you are experiencing issues with Revenue Canada over unfiled taxes you should seek professional tax help as soon as possible to prevent the late filing penalties from getting worse.

 

Dealing With Unfiled Tax Issues

Problems with unfiled taxes are nothing to be taken lightly. Regardless of the reason for your tax problems it is vitally important that you are as forthwith as possible in your dealings with Revenue Canada and that you deal with the issues associated with unfiled taxes as quickly as possible. We service a large geographic area at Tax 911 Now, including Toronto, York Region, Durham Region and other areas cross Canada. Our professional and dedicated staff here at Tax 911 Now are available to help you work through any issues concerning unfiled taxes that you may have and help you resolve any problems that might exist.

 

Let Our Tax 911 Now Team Help You with Unfiled Tax

Problems with taxes are a frightening situation in virtually any circumstance and many individuals find themselves facing these issues through no real fault of their own. If you have any unfiled taxes it is best to address the situation as quickly as possible so that you can arrive at a solution that works well for everyone involved. Simply ignoring the problem will only make it worse. The problem will not go away on its own and it is extremely unwise to try to deal with the problem yourself without the help of our professional staff who know how to navigate through the different laws and regulations that are associated with these types of tax problems. It is vitally important that you protect yourself and ensure your own financial well being by seeking out the help of our qualified tax professionals any time that you experience questions or issues with your taxes.

 

Take Immediate Actions to Control Tax Damage

If you are in Toronto or any of the surrounding areas and you have experienced problems with unfiled taxes, you need to take immediate actions and do not hesitate to visit https://www.tax911now.ca for more information or you can call our professional and dedicated staff to find out more information about any questions you may have at 1-877-918-2991.

If you are experiencing tax problems such as unfiled taxes or any other tax issues you must act as quickly as possible in order to protect your own well being and that of your loved ones. Come for a visit to Tax 911 Now at 129 Telson Road, Suite #100, Markham, Ontario L3R 1E4. Do not hesitate to contact us right away for your free consultation so you can start to get your tax issues under control and get your life back on track.

CRA Tax Penalties to Individuals and Businesses

Late-filing tax penalties for individuals, self-employed and corporations

If you or your corporation owe tax and do not file your return on time, CRA will charge a late-filing tax penalties. The tax penalties are 5% of your balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months, or the total of 17% tax penalties.

If CRA charged a late-filing tax penalties for any of your preceding three years, your current late-filing penalties will be 10% of your current year balance owing, plus 2% of your current year balance owing for each full month that your return is late, to a maximum of 20 months or the total tax penalties of 50%.

Repeated failure to report income penalty

If you fail to report an amount on your personal or business return in any year and you also failed to report an amount on your return for any of the preceding three years, you may have to pay a federal and provincial/territorial repeated failure to report income penalty.

The federal and provincial/territorial tax penalties are each 10% (or combined 20%) of the amount that you failed to report for repeat failure of reporting income.

False statements or omissions penalty

You may have to pay a penalty if CRA believes that you, knowingly or under circumstances amounting to gross negligence, have made a false statement or omission.

The tax penalties are 50% of the understatement of tax and/or the overstatement of credits related to the false statement or omission.

Late Filing Tax Penalties: Consequences of Not Filing Past-Due Returns

If you fail to file a tax return, the CRA has the ability to paralyze you financially by charge you big tax penalties and interests. CRA often use aggressive legal actions to collect the tax debts. Those legal actions Include bank freeze, income garnishment, etc.

Over the last several years, the CRA has improved its database of income transactions and increased its ability to identify people who have not filed taxes. If you have unfiled returns, you rise to the top of the list of people the CRA wants to target to collect revenue.

But if you wait for the CRA to find you, the cost of additional tax penalties grows exponentially. And if the CRA seeks you out before you have filed past-due returns, the likelihood of punishment escalates.

What Should You Do to Reduce Tax Penalties

The worst thing you can do is to ignore or to avoid the tax problems. Act now to control and repair the damage before your life is ruined. Contact Tax 911 Now at 1-877-918-2991 for a confidential free consultation today!

Our services are offered across Canada in the cities of:

  • Toronto
  • Markham
  • Vancouver
  • Calgary

Unfiled Tax Returns to CRA

There are more and more people experiencing problems of unfiled tax returns. It is understandable that there are many priorities in people’s lives and thus sometimes it is becoming increasingly difficult for taxpayers to catch up with their tax filing obligations.

The CRA, however, views your situation differently, not in sympathy perspective as CRA is, by its nature, a tax revenue agency and thus CRA views your Unfiled Tax Returns to CRA to be not in compliance with income tax act and thus this behavior merits some financial or legal punishment.

To be in compliance, you must have all your Unfiled Tax Returns filed. This means you won’t get any relief from CRA collection actions such as income garnishment or bank levy, until you complete and file all tax returns. So the sooner you file all your back taxes, the sooner the CRA will be willing to negotiate with you.

File Your Past Tax Returns

It is very important to understand that filing your tax return each year will save you out of CRA trouble. If you have unfiled tax returns for few years, it is to your best interests to file them as soon as possible.

Knowingly not filing your tax return is illegal. However, CRA understands that people make mistakes and thus they give you a limited time window to file over due tax returns to correct the wrong.

CRA Notifies Your Unfiled Tax Returns

The CRA may send you a demand to file for the current year tax unfiled; CRA may also wait for few years and then send you the demand to file letter. You need to keep in mind that CRA will eventually find you and if they do, you will have to face the late filing tax penalties and accumulated interests starting from the date when the tax is due.

Consequences of Not Filing Past-Due Returns

If you do not cooperate with CRA and ignore the demand to file notice, CRA may just take some harsh legal action against you, such as lock up your bank, garnish your income, bank levy, etc.

When a Mistake Becomes a Crime

With the advance of the technology, CRA has enhanced its database to identify people who have unfiled tax return problems for years. If you have unfiled returns, you are automatically on the list of most wanted people for tax collection. If you can act before CRA gets to you, you have a better chance of resolving your tax problems without going thorough the pain of legal action and embarrassment.

The CRA has a wide range of punishment available that they can impose on persons who don’t file returns. Intentionally not filing, or filing a false return, is a crime. It is critical to take action to resolve your unfiled return problems before a simple mistake becomes a crime.

Most Common Excuse for Unfiled Tax Returns – I Can’t Afford to Pay the Tax Owing

Many people do not file the tax for their personal reasons, such as divorce, sickness, etc. Unfortunately, affordability is not a sound one. The reason is simple. The longer you wait to file, the more you will end up paying. It is like spinning in a vicious cycle.

Dealing with over due tax returns immediately is important if not critical. Wait for too long, then it becomes a much serious matter that cause legal actions. If you file tax and can not afford to pay, there are many options available to you such as negotiate a payment plan or tax relief. So stop making excuses, take action to clear up your back taxes.

It is important that you try to promptly deal with filing past-due tax returns. The stress you have can be removed if you just get professional help. We specialize in such tax problem solutions. We are here to help you when you need the most.

CRA’s Hefty Late Filing Penalties

First time late filing penalty: if you owe tax and do not file your return on time, CRA will charge you a late-filing penalty. The penalty is 5% of your tax balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months. In another word, if you have late tax unfiled, for the very first year, you will have 17% of tax owing for the penalties alone.

Repeating late filing penalty: if the late filing is a re-occurring event within three years, then the penalties become nearly tripled. The late-filing penalty becomes 10% of your tax balance owing, plus 2% of your tax balance owing for each full month that your return is late, to a maximum of 20 months. That is a late filing penalty of 50% of your tax owing.


The Compounded Daily Interests

In addition to the late filing penalties, CRA charges much higher interest than banks on your tax balance and penalties. The interest is compounded DAILY. Use rule of thumb, if assumed interest is 7%, which is not abnormal for CRA for many years, then tax owing doubles in about ten years. When the interest is compounded daily, the interest keeps running when you sleep.

What You Need to Do Now is to stop procrasnating, start taking actions. You can not afford to wait any longer!

What We Can Do to Help You

To control your damage right away, we will do a quick, sometimes, on the spot assessment, if you have unfiled tax returns for years and you do not owe taxes. Then we will quickly help you to reconstruct all the financial information and locate all your missing pieces of tax information to report your tax returns properly.

If we determine that you have unfiled tax returns and large tax debts owing for many years and thus the interests and late filing penalties are alarmingly high. Then we may need to help you to file under the Voluntary Disclosure Program or Tax Amnesty immediately to avoid the risk of being caught by CRA and thus lose the opportunity to file under the protective Voluntary Disclosure Program to reduce the severe damage. The penalties alone may force you into bankruptcy.

Why You Should Work with Tax 911 Now

Unlike these accountants or the tax filers with seasonal appearance in the malls, we can not only fix your unfiled tax return problem, we can also help you to negotiate with CRA for the matters before and after the filing.

Before the filing, we can help you to file Tax Amnesty program to completely remove your penalties and/or some of the interests.

After the tax filing, if CRA challenge you or audit you, we have the expertise to represent you and fight for you on the returns;

If the tax bill is too high, then we can negotiate a tax relief for you to reduce the tax penalties and interest, or we can help you to negotiate an affordable payment plan so no legal collection actions will be taken against you by CRA.

We are different because we can provide much more comprehensive services to protect you in many aspects and all stages of your tax dealing with CRA.

Our Unlimited Free Consultation & Service Guarantee

To begin with, we offer RISK FREE no obligation initial consultation just to help you to understand the depth and complexity of your tax problems. We will also provide you the recommended steps to take to fix your tax problems. Then it is completely up to you to decide what to do from there.

If you do decide to engage us to fix your tax problems, we will provide price match guarantee within the entire tax negotiation industry.