Hey
I need advice on late tax filing. I own a small scale business and it is going well now. I missed the deadline and failed to pay the tax on time. What are the penalties associated with it?
It will be very useful if someone can provide a suggestion for this. There is an automatic late filing penalty of five percent of the tax that is owed. If you don’t owe any tax or if you’re entitled to a refund then there won’t be a late filing penalty.
Are the above statements true? I need to know more about this. I have come across some companies which provide tax filing services in Toronto. Does anyone know about this? If so, kindly respond. Expecting your valuable replies.
Thank you.