This is not a bad thing, because it happens to some of us on occasion. Understandably, some hesitation and apprehension can cause someone a level of stress over fines and injunctions. In light of this predicament, many choose to continue in not filing for past taxes due. This happens because of the unsure nature of the situation.
While in all seriousness, it is not a good idea to procrastinate by prolonging the agony. The best step to take is to confront the situation head-on. What this means is having a professional tax accountant compile and file your overdue returns for you, which still may reap some benefits after all.
When in a financial situation such as this once you are current with your tax information with the CRA you can then begin to negotiate the possibility of a payment plan to bring all your records up to date. It is best not to wait in resolving issues with late taxes. Contact us and we will aid you in getting you back on track. The accountants at ENVOLTA are trained and experienced with this type of financial hardship and therefore can help you avoid most undue penalties. Contact us immediately if this pertains to you.
Reasons why you did not file your return on time
There are never any legitimate excuses
- You did not know that you were required to file a tax return
- You did not have the money and did not want to file until you could pay
- You were sick, physically, emotionally, mentally or just plain busy with personal matters are extremely busy with work
- You were out of the country at the time
- You always get a refund and always fail after the rush
- You’re on your own timeline and just don’t care
Reasons why you must file
- 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 fulfill 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