Even though having a list of overdue taxes is not a bad thing. It can lead to trouble specifically financial trouble. This is because of the penalties and late fees that are associated with owing the government money. In addition, there is never a good excuse for not filing your taxes. While we can list many supposed excuses, failing to file is not acceptable and can cost you more money and heartache.
If you are in this situation with or without a ‘notice to file’ order it will be wise to seek the assistance of an accounting professional at the Envolta Brampton office. In doing this it prepares you for dealing with the tax situation directly by having a tax accountant compile all the pertinent information and file the late returns. Once an amount has been reached the negotiation begins on how to repay the late returns, which will bring all of your tax records up to date.
The one thing to remember is when to file and the many reasons why:
- As requested by Family Lawyers during divorce proceedings.
- To reinstate family benefits which you are entitled to but have been suspended as your returns are not up to date.
- To fulfil CRA demands to file outstanding returns
- For Estate purposes to obtain Clearance Certificates
- Up to date and obtain the refunds the you are entitled to
- Correct returns which have been arbitrarily assessed by the CRA