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. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
As this is a trust fund on behalf of the government, noncompliance may result in significant consequences.<\/p>\n\n\n\n
Not responding the tax owing, the Act allows the CRA starts cumulate penalty and interest which will increasing your tax liabilities significantly. Moreover, the Act allows the CRA to contact your employers or supplies for wages garnishment. The Act also allows the CRA to put liens on your assets, such as bank accounts, principal home and other investments. Further prosecution may result imprisonment.<\/p>\n\n\n\n
When taxpayers encountered this situation, not only found themselves embarrassed in the work place but also inconvenience on their cash flow and financial planning. Most importantly increase their anxiety level which is harmful to their health.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n
GST\/HST Debts<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-404","post","type-post","status-publish","format-standard","hentry","category-common-tax-problem"],"aioseo_notices":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"woocommerce_thumbnail":false,"woocommerce_single":false,"woocommerce_gallery_thumbnail":false},"uagb_author_info":{"display_name":"Tax Consultant","author_link":"https:\/\/3ataxservicespc.ca\/index.php\/author\/tax-consultant\/"},"uagb_comment_info":0,"uagb_excerpt":"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…","rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Tax Consultant","author_link":"https:\/\/3ataxservicespc.ca\/index.php\/author\/tax-consultant\/"},"rttpg_comment":0,"rttpg_category":"Common Tax Problem<\/a>","rttpg_excerpt":"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…","_links":{"self":[{"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/posts\/404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/comments?post=404"}],"version-history":[{"count":1,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/posts\/404\/revisions"}],"predecessor-version":[{"id":405,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/posts\/404\/revisions\/405"}],"wp:attachment":[{"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/media?parent=404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/categories?post=404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/tags?post=404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}