The 2014 Tax Deadlines Are Approaching – Are You Ready?

It’s that time again everyone. The 2014 income tax deadlines are quickly approaching.

• If you are not a sole proprietor then you have to get your returns filed before April 30^th, 2014.
• For corporations it is 6 months after their year-end.
• For unincorporated businesses (self-employed) it is June 15^th of the following year.

What are the consequences for late filing?

• If it is your first time filing late you will be assessed up to a 5% penalty based on your tax debt and then a 1% penalty monthly for up to 12 months.
• If you filed late in 2011, 2012 or 2013 your penalty could be up to 10% of the amount of the tax debt and then 2% per/month for up to 20 months.

Late filing penalties draw CRA’s attention and can lead to the application of Gross Negligence Penalties.  These are 50% of the taxes owing.

This can really add up! The need to get filing up to date has never been greater. CRA are detecting non-filers more easily than ever before by using increasingly sophisticated software to spot missing returns.  CRA is under great pressure from the Government to collect this missing revenue, so your chance of being caught is higher than ever. In addition to the above mentioned penalties, late filers may also be subject to prosecution.

Do not believe us? Ask CRA!

·         View Late Filing Penalties

·         View CRA Prosecutions

If you are behind filing, maybe you are missing documents or are concerned about how you will pay the tax debt you will owe – call us. We will work with you and your accountant to mitigate the consequences associated to late filing, negotiate with CRA on your behalf, help you safely access CRA programs for voluntary disclosure and interest relief.  We will help you get tax compliant. Call Tax Solutions Canada today: 1.888.868.1400.