Filing Tax Returns Late Can Be Expensive

If you have a balance due for 2015 and you file your return after the due date,  you will be charged a late filing penalty.  The penalty for a first offence is 5% of the outstanding balance plus  1% per month up until  12 months.  If you were charged a late filing penalty for  2012 , 2013 or Read more…

Failure To Report Income

If you knowingly did not report your full income on your tax return which amounts to gross negligence, then the penalty will be the greater of $100.00 and 50% of the underreported tax. When the Canada Revenue Agency reassesses the return and adds on a penalty of 50% plus interest the resulting taxes due are Read more…

Electronic Suppression of Sales Software Sanctions

CRA discourages the use of electronic suppression of sales software (ESS). The CRA has made it quite clear that businesses that are convicted of using, possessing, acquiring, manufacturing, developing, selling, offering for sale, or otherwise making available ESS software will face severe penalties along with jail time. CRA is working to detect companies that are Read more…