When trying to rectify the past, volunteering the details may help you avoid penalties, interest and the most important thing, criminal prosecution.
Is this you?
- You have unpaid taxes
- You have tax returns from prior years that have not been filed
- You are facing a Tax Audit by the CRA
- You haven’t declared all your taxable income
- You deducted ineligible expenses
- You are behind in remitting the amounts of GST/HST you collected
- Your tax return was filed incorrectly
Suppose you answered yes to any of these questions. In that case, you should know that the Canada Revenue Agency has a program that allows taxpayers to “come clean” and correct any tax information that has either been omitted or submitted incorrectly. Making an error is understandable, but tax evasion is a completely different matter. It is a criminal offence.
Your CPA can help defend you in audits, and tax arrears claims to give your business tax security when armed with the complete details.
Do not hesitate. The longer you wait, the more complex and expensive your back tax problem can become. Not doing so could expose you and your business to unnecessary risk and stress.
A CPA or Chartered Professional Accountant can help you with your issues. Please email our office today or call 905-752-0212 to get started on ensuring your peace of mind.