Filing personal tax return is a major challenge for many Canadians! 2017 survey shows at least two in five individuals had not filed their returns even when the deadline was close.
Why should you file returns on time?
For many, filing personal taxes in Calgary can be an overwhelming experience resulting in errors, missing paperwork or late filing. A majority in a survey said they did not have their paperwork organized, while a significant number of people said they did not have enough time to file returns.
If you are behind on your taxes, the CRA levies penalties starting May 1, which is the deadline for filing returns every year and these can pile up significantly for every day of delay.
The late filing fine is as much as 5 percent of the balance you owe in addition to 1% of the balance owed for every month. If you have not filed your returns for an entire year, you could face a hefty 17 percent penalty.
As the leading specialists in personal tax services , we are focused on making the tax world an easy and happy place for you! Our goal is to bring you personalized tax solutions that ensure compliance while giving you the advantage of maximum savings through credits and deductions.
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