FAQ

What Happens If I File Taxes Late?

Well…there are penalties and interest charges, based upon how much is owed on the (accurate) Tax Return. If there is no balance owing, as computed accurately, on your Tax Return, there will not be any penalties, but it is not a good idea, to delay filing, because the CRA maintains a record of late filers, and this is not good for the image of a Small Business Owner, or anyone else, who is required to file taxes.

Filing and Deadlines

Tax Returns need to be filed EVERY year.

The filing deadline for a Corporate Tax Return, is 6 months after the fiscal year-end, of the Corporation. The filing deadline for a Sole Proprietor or Self-employed Person, is 15th June, but taxes owing must be paid on or before 30th April. 

The filing deadline for Personal Tax Returns, is 30th April.

Status of a Tax Return

It is advisable to open a “My Business Account,” to check the filing status and other information, that relates to your taxes. In the case of information regarding Personal Tax Returns, you can open a “My Account,” on the CRA website, to check filing status and related matters.

Hiring an Accountant 

It is advisable to hire an accountant, to prepare your tax returns, especially if you are a business owner. An accountant will be able to review more angles than a layman, and provide you with guidance and financial benefits.

Contact Info

 Call 416-728-4169 or send an e-mail message to taxequalizer@outlook.com.