Are you behind on corporate tax filing?

 

DON'T BE FINANCIALLY RUINED BY THE CRA!

The Canada Revenue Agency requires you to file corporate tax returns no later than 6 months after the corporate year-end. HST returns are to be filed no later than 3 months after the year-end. Filing of a tax return is mandatory, even if a company has losses or is inactive.

What happens if you don't file your corporate tax return on time?

In the beginning, the CRA would send you a few reminders. However, if you procrastinate and ignore the tax filing requirements, the CRA will assess your tax liability based on their own estimates.

That assessment would not be favourable for you!  Your company might have low profits or even losses but would be assessed by the Canada Revenue Agency for tens of thousands of dollars.

After the assessment is done, the CRA would start the collection process and freeze your corporate bank account. All of your funds would be garnished in an instance without any kind of warning. The directors of your company have personal liability for the unpaid HST. Therefore, the CRA would start collection money from the directors as well.

The irony of the situation is that your company could have little to no income tax liability and even be eligible for an HST refund. However, ignoring your filing deadlines can create a financial disaster for your business and your family.

We have been recently engaged by a Richmond Hill  based business that received an assessment of about $100,000. The CRA assessed the corporate tax liability under the subsection of 152 (7) of the Income Tax Act. The reason why the Richmond Hill construction company received that tax bill is because they didn't file their corporate tax returns in 2015 and 2016. Our accounting firm was able to help the client to tackle the problem, reducing their tax bill significantly. Below, you'll find a letter that the company received from the CRA.

Richmond Hill Tax Return assessment

Our Vaughan based accounting firm can help you catch up on your overdue tax filings and renegotiate your tax liability with the CRA.

Contact us for a complimentary consultation.

 

Our accounting firm conveniently serves clients in Toronto, Richmond Hill, Vaughan, Markham, Newmarket, Aurora, Mississauga and the Collingwood area.
Get Free Tax Analysis For Your Business! We will help you find missed opportunities!

Your Name (required)

Your Email (required)

Subject

Your Message

For professional help please contact us.

Toronto Area

1950 Highway 7, Building C, Unit 1B, Concord, ON L4K 3P2

Tel. (416) 739 - 1899 or (905) 780-1578

email: ca4gta@gmail.com

Collingwood Area

46 Hughes Street, Collingwood, ON L9Y 0W7

Tel. (705)812-5065

Comments are closed.