Unfiled Tax Returns For Years

Do You Have Unfiled Tax Returns For Years?

As for the record, the CRA wants you to file and pay your taxes on time every year. When you cannot do so, you may put yourself at risk of high penalty amounts and collection tasks like bank levies or wage garnishments.

We at RGB Accounting find that taxpayers do not file tax returns for one or more years for various reasons, and the problem can become very overwhelming. Missing all or a portion of their records, personal hardship and/or neglect are some of the many reasons people fall behind in filing their taxes. Fortunately, there are ways to rectify the problem of unfiled tax returns.

If you are in a scenario like that, there are some strategies to get yourself caught up with filing your returns and managing your tax returns in Canada. A few things you can consider to avoid tax-paying issues and ensure a significant tax return. You Can also seek help from consulting RGB Accounting Tax Advisory Services for your peace of mind.

Look for Penalty Waiver

If you owe money on your taxes, fines and interest will increase the amount you owe. These extra fees will make it extremely difficult to settle your tax debt. Even so, you may request penalty waiver assistance from the CRA. You will see the potential added charges will no longer be there until the claim is on the right track for clearance, leaving you with only the back tax balance to pay. You can also consider speaking to a tax professional to get some unfiled tax returns in Canada further.

Submit the Present Tax Returns on Schedule

When coping with back tax questions, you must prepare and submit your current tax taxes on investment next year. When the CRA reviews your account, you must be present to file the most recent tax return. To reach filing deadlines, make sure you file your most recent return on or before April 1st. 

If you owe taxes for the current tax year, you must take counsel from the CRA to get a reimbursement order so that you do not fall behind on your obligations to the government. You could also apply for an installment plan or some form of payment structure to show the CRA how willing you are to spend on what you owe for the current year.

Utilize Your Credit Card for Settling the Debt 

If at all necessary, pay off the CRA account with a low-interest credit card. You will pay off your tax obligation and repay your credit card within the next few months or less by using a credit card with such a low interest rate. Using a credit card instead of another payment form with the CRA could be a feasible alternative. It will pay off your mortgage with a few installments, or maybe only one in the best-case scenario. You also save fines and additional costs.

Claim any refunds that may be due

File any unfiled returns as soon as possible to avoid accumulated compounding interest. Also, note that if returns have not been filed in the most recent three tax years, they should be prepared immediately to claim any refunds that may be due.

Keep these tips in mind and seek help for an unfiled personal or corporate tax return from a professional. If you face specific issues with your taxes and financial expenditures, contact RGB Accounting Tax Advisory Services by phone at (416) 932-1915 or email at info@rgbaccounting.com

Source: Influencive.com

Newsletters

Events & Sponsorship

No Results Found

The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.

Articles & Publications

Essential tax numbers for 2022

Essential tax numbers: updated for 2022 Use this handy list of tax numbers as a quick reference. Working individuals Maximum RRSP contribution: The maximum contribution for 2022 is $29,210; for 2021, it’s $27,830. The 2023 limit is $30,780. TFSA limit: In 2022, the...

December Year-End Readiness Update

December Year End Readiness Update  Year-End is almost here!    RGB Accounting and ADP want your Year-End to be less stressful and less work.  After processing your last payroll for 2021, ADP will automatically run a new  Tax Form Trial Run Report. What should you do?...

Do corporate loans count as taxable income?

Do corporate loans count as taxable income? When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many CRA rules, has exceptions. Many shareholders and employees borrow funds from their...

How the principal residence rule works

Principal Residence Rules Since 1982, each family unit (including you, your spouse or common-law partner, and any unmarried kids under the age of 18) has been able to designate one property as its principal residence for each calendar year. To simplify the...