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 with the Canada Revenue Authority. It does not matter whether your records are poor. Consultants are familiar with the CRA and will arrange for a fair assessment of your records.
Unfiled taxes Canada professionals are even able to file the Voluntary Disclosures Program on your behalf. Still, they will protect you from prosecution or hefty penalties. Perhaps you feel that filing your late taxes will produce a bill that will be too big for you to pay. This is not always the case particularly when you are using a tax professional. Ignoring to pay your taxes will not take away your problems.
Do not file your back taxes in a hurry
For fear of being prosecuted or punished severely, some people rush to pay their back taxes. Unfortunately, these tax payers end up paying more. If you have not paid your taxes in years, the CRA will automatically view you as a delinquent taxpayer. Hence rushing to solve your problem without the help of unfiled taxes Canada professionals cannot change the way the CRA sees you. Rather than rush the process and pay more, we would recommend that you gather information first. There are hefty costs in form of interest fees and penalties you could avoid.
CRA tax arrears penalties and interest charges
Unfiled taxes Canada Revenue Agency penalties can be severely damaging. They are charged on top of the outstanding tax debt. If you are a repeat offender your penalties will be heftier. The first late filing penalties amount to seventeen percent of your total tax debt. But if you are a repeat offender you will pay up to fifty percent of your tax debt. Unfiled taxes Canada Revenue Agency interests are even tougher. They are compounded daily. If compared with bank loan interests, the CRA late tax filing compound interests are higher. So if you have many years of delinquency, the biggest part of your tax debt will consist of interests and penalties.
Unfiled taxes Canada issues – Can you be prosecuted?
You can certainly face criminal charges for failing to pay your taxes. Perhaps you should read the public notice about taxpayers who plead guilty in the Court of Justice for dodging taxes.
How to seek help
If you are facing late tax filing difficulty, do not go through it alone. There are unfiled taxes Canada firms that can assist you. When choosing, ensure that you consider mostly their level of experience and the cost of seeking their assistance. Experience goes with the amount of knowledge that a firm has about CRA practices. It also tells you about the number of similar cases a firm has tackled in the past. The firm’s representative may help you negotiate with the unfiled taxes Canada CRA officials in order to have your late filing interest charges and penalties reduced.