Filing taxes late can lead to big penalties, interest and a large tax debt. The sooner you file, the better off you’ll be because where a late tax filing is concerned, time is not on your side. In fact, if you let it go too long, the CRA can even decide to charge you with tax evasion where you can face even stricter penalties and even jail time.
There are many different strategies that can be deployed to manage the process of filing taxes late – some can even lead to you avoiding penalties, interest and prosecution. When you are going to be filing taxes late it is critical to have a tax firm who is experienced in this area in your corner.
We routinely manage this process for clients, deploying strategies to mitigate penalties, interest and with a plan to deal with the ensuing tax debt without facing nasty enforcement action such as wage garnishments, frozen accounts and tax liens.
To request your free consultation, please call us at (855) 662-7229, or fill in the form on the top of this page.