For late tax payers!

[Steven111]

Hi,

Let me share something which would be helpful for the late tax payers. Recently, my friend came across such a situation and he had to pay the penalties for late tax filing. The first and foremost thing we must do is to avoid the legal issues is to file as soon as possible. Even if we don't have the total amount to pay, we must file the returns on time.

Some of the important facts about filing lateare:

1. Two penalties may apply (filing late and paying late)

2. The penalty for paying late ranges between 5%-25%

3. The maximum of the combined penalty is 5%

4. Direct and online payment options are available.

5. The late payment penalty may not apply if the taxpayer requests an extension of time by the due date.

6. There won't be any penalty if there a reasonable cause.

And there are companies offering services to those who are filing taxes late in Toronto. In case, we need such services, we can directly contact them for a service. So, no worries!

Thank you.

[hyenahiena]

Hi,

Let me share something which would be helpful for the late tax payers. Recently, my friend came across such a situation and he had to pay the penalties for late tax filing. The first and foremost thing we must do is to avoid the legal issues is to file as soon as possible. Even if we don't have the total amount to pay, we must file the returns on time.

Some of the important facts about filing lateare:

1. Two penalties may apply (filing late and paying late)

2. The penalty for paying late ranges between 5%-25%

3. The maximum of the combined penalty is 5%

4. Direct and online payment options are available.

5. The late payment penalty may not apply if the taxpayer requests an extension of time by the due date.

6. There won't be any penalty if there a reasonable cause.

And there are companies offering services to those who are filing taxes late in Toronto. In case, we need such services, we can directly contact them for a service. So, no worries!

Thank you.

My coworkers and I were audited. Our penalty for underreporting our income was to pay the amount owed plus 50%, plus interest owed. Just so everyone knows. Quite a penalty, honestly, and the CRA are dicks to deal with