Category Archives: Tax Penalties

CRA tax penalties

The CRA Late Filing Penalty And Other Types of Penalties

The Canada Revenue Agency will not sympathize with you in every circumstance. If you have not filed your taxes returns for current year or previous years, for instance, the CRA demands to know why you have not. If your reasons are acceptable, the CRA might waive your penalty or interest amounts. It is not known » Read More

Canada Revenue Agency’s Tactics on Canadian Tax Evasion

To deal with Canadian tax evasion problems, although Canada Revenue Agency works hard and smart to collect taxes, there are still some individuals and businesses that evade taxes that cause Canadian tax evasion problems. The no-nonsense CRA tax collectors might catch up with you and you will hate their legal actions against you. Tax evasion » Read More

Unfiled Taxes Canada – A Comprehensive Guide For Late Tax Payers

There are Canadians who have not filed their taxes in years. Are you among them? The longer you wait to report the higher your tax arrears will become. This will increase your odds of being severely punished by the CRA. Unfiled taxes Canada consultants can file your late returns and get you out of trouble » Read More

Tax Filing Late Interest and Penalty Charges You Should Expect From CRA

Tax filing late penalties and interest rates are common with the Canada Revenue Agency. The CRA does not want to be owned even a penny and it has big fines to discourage tax evasion. For every amount you have not paid there will be a penalty and an interest charge. Needless to mention, you should » Read More

Late Tax Filing Will Attract Penalties and Interests on Amounts Owed to CRA

Late tax filing is a common problem among global tax payers. If you live in Canada, and have not paid your 2013 taxes, you will face a serious penalty starting May 6th this year. According to CRA (Canada Revenue Agency), you will be charged a daily interest (compound interest) on any outstanding balance for 2013. » Read More

Understanding Tax Evasion vs. Tax Avoidance

Understanding Tax evasion vs. Tax Avoidance Tax Evasion is illegal; it is the evasion of taxes by taxpayers including individuals and businesses such as corporations. Under tax evasion taxpayers intentionally misrepresent the true income or tax owing status to the tax authorities to reduce their tax liability. Such act may include false tax filing, such » Read More

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 » Read More

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, » Read More