If you do not file a corporate or personal tax return, there are a range of things that can be affected. This ranges from: CPP benefits, old age security payments, child tax benefits and GST or HST benefits will be reduced or even stopped. Your bank will insist on the notice of assessment for personal or corporate tax returns when seeking to borrow money for a large purchase such as a home. Canada Revenue may issue estimated tax invoices and assessments, which may include penalties and interest.
If you are years behind in your tax returns, all hope is not lost. There can be advantages to gathering your expenses and income for several years, and filing them before the Canadian Revenue Agency requests them.
With Bayside Financial, you may get a refund! The CRA cannot prosecute you for filing outstanding taxes, as it is not illegal to owe tax. Payment arrangements can be made with CRA, but the first step is to talk with a certified accountant at Bayside Finanical.
For more information on our taxation services such as financial planning or tax returns, please contact Bayside Financial in Barrie, Ontario. We offer a free half hour consultation to discuss the idea of getting help with your business finances and decision making.