This can be a significant savings, especially for those with large late tax balances.Ĭonsidering your income for 2009, 20 you’ll most likely owe a sizable amount of tax to CRA. If approved under the program a delinquent taxpayers can often have penalties waived on late returns. The Canada Revenue Agency administers the Voluntary Disclosure Program which allows Canadian taxpayers to voluntarily submit late tax returns if they meet specific criteria. Getting those late tax returns to CRA should definitely be your priority, however it would be wise not to call CRA just yet. I’m worried that I’ll be highly penalized if I don’t proceed in an intelligent manner.ĭo you have any experience with filing late tax returns? Should I prepare and submit all my late returns together or should I call CRA and discuss how to proceed. I know I’ll owe a fair amount of tax, however I’m also hoping that my tuition credits will help reduce this eventual amount. Although I did a good job of accounting for my income in quickbooks I never got around to actually filing my returns. These figures are net income figures after related expenses. When I finished school I started a little landscaping business and it’s grown fairly significantly over the last 3 years. I’ve yet to be asked by CRA for my returns which is not surprising because I didn’t really start making money and earning income until I got out of school 3 years ago. I’ll be applying for a mortgage pre-approval in a few months and I really need to catch up on my tax filings. I’m currently 3 years behind in filing my Canadian T1 tax returns. This is quite embarrassing to admit, however I really need to take care of this ASAP. For those of your being contacted by your Swiss bank managers please read the following post for some updated information on disclosing foreign Swiss bank accounts and how they relate to Voluntary Disclosure.
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