A CRA Late Filing Penalty Will Significantly Increase Your Tax Debt Making it Hard to Pay CRA
Our team of ex-CRA and legal professionals can help you reduce a tax debt and fight issues such as a CRA late filing penalty. For tax help call today for a free consultation.
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If you have a CRA tax owing, need tax help and want to reduce CRA late filing penalties and interest, you can count on us!
The CRA late filing penalty, which arises as a result of not filing your previous year’s tax return on time, is 5% of the CRA tax owing, plus 1% of the CRA tax owing for each full month your return was late, for up to 12 months. The CRA late filing penalty as a result of not filing multiple years of tax returns may be 10% of the CRA tax owing plus 2% of the CRA tax owing for each full month your return was late, for up to 20 months. This is in addition to the compound interest which will be charged on your tax debt and penalty, retroactive to when you should have filed.
A CRA tax penalty and interest can be crippling and cause your tax debt to balloon to a size that can make it impossible to pay CRA under terms they will accept and that you can live with.
If you have a tax debt and you’re concerned that you can’t pay CRA, we can help you to:
- Stop CRA collection action
- Reduce and eliminate a CRA late filing penalty and interest
- Achieve tax relief
We offer you a free initial consultation which you can book by completing our contact form, calling 1-888-868-1400 to set up a phone consultation or in-person meeting today!
Farber Tax Solutions can help you successfully deal with CRA problems. We utilize the experience of our tax experts to:
- 1| Offer a comprehensive solution that is focused on achieving the most favourable possible outcome for your tax issue;
- 2| Communicate with the CRA on your behalf and navigate the entire CRA dispute process; and
- 3| Offer a complete solution to your tax problems, including ex-CRA professionals, lawyers, and experienced accountants.