At night when the house is settled in for sleep and all is peaceful; does your mind become that darting squirrel not allowing you to rest because of your back taxes? Are you concerned with Revenue Canada contacting your employer, putting a lien on your home, or seizing your bank account? Unfortunately, you are not alone and many people become anxious when they have back taxes. One of the worst things you can do is ignore your tax bill, it won’t go away!
Don’t think that if you don’t file a return it would be the best course of action, it’s actually the opposite. You’ll be charged a 5% fee up to 25% failure up to file penalty, in addition to the interest on the amount you owe. Here are a few tips to keep in mind.
- When filing request an extension
- You may be eligible for a payment plan
- Is borrowing money a viable option
A good accountant is an invaluable resource. MSH Accounting CPA can provide a wealth of knowledge and can help you make sense of your numbers. Contact Mark to get started on the right accounting path.