manager's blog

What happens if I have not filed my INCOME TAX on time?

It can be scary, daunting, overwhelming and depressing. It can even be embarrassing to not file your tax returns for long periods of time. We all run into life’s major detours that put us off track. This can happen with our Income Taxes and related filings after one of Life’s major events. Death of a loved one, business failure or a variety of things can throw us off our game and make the operation of our businesses impossible or unprofitable. Often it is just too much to handle and too big a burden to tackle. The best way to handle it, is to get a good road map of where you need to go from here. Your Accountant, acting as your representative, can make that plan. They can find out what has not been filed, what has not been paid and all the while isolate you from CRA and pull the details together. With years of dealing with Revenue Canada we will know what the minimum requirement is, how to prepare the details that they are asking for and how to get there from here. It will be wonderful to get that burden off your back and have someone on your side who understands. Often it is not as bad as you anticipated, and can all be settled fast. Don't assume the results until your Accountant has it all calculated. To plan what to do next you really have to know where you are now. Once we prepare the records to give us that data we can look at the alternatives that will be best for you. Just make the call to meet your accountant today!