If you wanted to fix your tax problems voluntarily, the Voluntary Disclosure Program is a second chance for taxpayers who didn’t comply with the Income Tax Act. Conditions apply and are subject to the CRA’s approval. This is a once in your lifetime opportunity to fix the problem. If the CRA initiates contact prior, you …
Voluntary Disclosures Program and Taxpayer Relief Read More »
There are numerous reasons that trigger a tax audit, such as red flags with understated revenue and overstated expenses. Excessive transactions on principle property and investment properties. Deliberately or in-deliberately failing to report foreign properties etc. Hire a professional representative to deal with this stress and resolve the problem in a proper way.
Tax debt or Installments must be remitted before the due date. Failure to remit tax debt will result in penalties and interest. Penalties and interest can be substantial depending on the amount owing and how long you’ve been owing. Not responding the tax owing, the Income Tax Act allows the CRA starts cumulate penalty and …
GST/HST is considered a trust fund as it is collected on behalf of the Government that must be filed and remitted before the due date. It’s not un-common that business owners commingle the trust funds with their revenue especially when there is a lack of cash flow running the business. As this is a trust …
GST/HST is considered a trust fund as it is collected on behalf of the Government that must be filed and remitted before the due date. It’s not un-common that business owners commingle the trust funds with their revenue especially when there is a lack of cash flow running the business. As this is a trust …
