Late Taxes Done Right with Toronto Late Tax Filing Services
No matter how good your intentions to get your taxes filed this year, life can come at you fast. Unpredictable events happen, and sometimes taxes aren’t your top priority. While not filing taxes is a serious issue, experienced tax professionals can help. Regardless of your filing situation, make sure you get your taxes done right with Toronto’s trusted late tax filing services.
Everyone needs to file taxes–don’t risk penalties and fees by skipping this year.
Taxes are a stressful time. You’re not alone if you think you can avoid dealing with it by just ignoring the situation. But avoidance isn’t a solution. The law still requires you to submit a tax return, even if you think you’re getting a return this year. More often, people avoid their taxes when they’re concerned about owing money.
You can’t avoid your taxes by not filing. Your situation will worsen when you try to ignore the deadline.
What happens when you don’t file taxes?
Not filing taxes is a serious issue. It’s technically considered tax evasion, which is a crime. Filing your taxes late is always better than not filing at all. Some people believe that because the Canada Revenue Agency (CRA) is such a big organization, and they’re just one filer, they will get by under the radar.
This strategy may work for a short amount of time but at some point, the CRA will flag your file, and the penalties will catch up with you. They can range from fines to prison time and even a criminal record for tax evasion.
It’s understandably stressful when you have a complicated tax situation or believe you’ll owe money. However, the consequences of not dealing with your taxes are more severe than any amount you may owe.
What happens when you file your taxes late?
Every day you’re late with your tax filing, the penalties will increase. That’s why it’s essential to work with a Toronto tax professional with late filing services as soon as possible. Even if you owe money, you’re not breaking the law once you file your taxes - regardless if you owe money - and you’re protected against further penalties.
Critical deadlines to keep in mind for filing your taxes:
April 30th: most individual taxes are due.
June 15th: deadline for self-employed taxes, but filers must pay owed balances by April 30th.
If you don’t file your taxes, or pay your balance by April 30th, then there’s an immediate fine assessed on May 1st. Daily interest accrues after that point. Even if you’re owed a return, you can suffer financially with late filing, as the government may withhold some benefits.
For late taxes filed in the same year, you can file your taxes like usual and just pay the penalties and fees.
What happens if my taxes are over a year old?
The good news is that you’re taking care of it now–and you don’t have to deal with your delinquent taxes alone! A Toronto tax professional experienced in late tax filing will tackle your late filings. They’re an advocate to avoid prosecution and negotiator for penalties and fees.
Leonard Tam Professional Corporation has provided Toronto with late tax filing services since 1990.
Whether you’re self-employed, a corporation, or an individual, sometimes life gets in the way of filing on time. We have over thirty years of experience helping Toronto file late taxes.
Our team at Leonard Tam Professional Corporation provides judgment-free guidance and help to get your late tax filing done right. Sign up for a free consultation to find out how we can help with your unique situation.