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Business consultant says that your offside if you think that you are going to continue to potentially pull the wool over the Canada revenue agency’s eyes because you have not paid or are in penalty or in arrears of all of your taxes. It does not necessarily show a sense of honesty, integrity, or good business mindedness.
Business consultant also says the fact that if you continue to run away from the Canada revenue agency, you’re not going to be allowed any specific concessions that you may be able to otherwise have the opportunity to use in case you have run into any financial troubles with your business in the future as well.
You will not be able to access the voluntary disclosure program which allows honest, hard-working business owners that cannot pay their bills to voluntarily phone the Canada revenue agency to explain their situation, and the Canada revenue agency might forgo their penalties. However, you as a dishonest person, may lose that opportunity. And now you have to not only spend a lot of money in punitive damages, but you have to pay them in a very specific very quick amount of time.
Make sure that the interest in addition to the penalty recently went up from five all the way to 6%. It doesn’t necessarily sound like much but 1% is 1% out of your business. It does change if the prime interest rate changes however. However, don’t depend on the prime interest rate changing anytime soon as we are in a socioeconomic difficulties with the current pandemic situation.
The thresholds, says business consultant for having the ridership are quite different, and quite minimal at best. It is not the significance that changes the deadline. What in fact does change the jet the deadline is from April 30 to June 15, did you make a minimum threshold payment? Sometimes, getting that June 15 filing deadline is a little easier than people potentially think.
Corporate taxes are due six months after your year and that is always been the way it’s always going to be the way and it is going to stay the way. It is always six-month after the year-end. The interest on the taxes start to get worse and worse and worse after three months. Corporate tax, and you’re going to have to pay in monthly instalments which doesn’t make it any easier for struggling small business. The interest a small but the penalties can be tough to surmount and overcome.
That small business corporation is, according to the Canada revenue agency a small business that has less then 1 ½ million dollars in revenue. You’re going to be able to be an annual file and for the GST which for some people and for some reason you’re going have to file three months after the GST. That’s a lot of filing and a lot of wasted time, says Spiro and Associates charter professional accountants.
Business consultant ends up your own Associates charter professional accountant is pleading with the Canada revenue agency to make the GST deadline as well as the corporate year and deadline exactly the same dates. The reason for this is because it is pointless when you have done a corporate year and that three months later you have to do the exact same work for GST. It is a lot of extra work when it can be easily justified and easily figured out it in one fell swoop done one time.
GST is trickier, says business consultant, as they view GST as a trust account in the Canada revenue agency’s eyes. What the CRA tends to believe is that it wasn’t your money to begin with, and it’s not, and the default is three months. Per and corporate arrears if you do in fact have any, generally we can get six months extension in the payment plan. It is generally easier to get because they generally have more flex ability. There is always the potential however it is a little bit hard to get of getting a longer term. It can legitimately be a very tough strategy and one that you should not bank on. It is an uphill battle to try and convince the Canada revenue agency why they shouldn’t potentially get their money yet.
There is a light at the end of the tunnel, assures business consultant. The amount of interest you pay is always going to be the same. The interest is not necessarily going to go up, unless the interest rate goes up. And that is not likely to happen anytime soon. So be thankful and confident in the fact that you are always going to be spaying the same amount of interest.
Before the payroll auditor comes make sure that you now have the auditor to do all of your audits and payroll assessments and all of the other paperwork exercises. If you lose all credibility from within your business, and then you have lost credibility with the Canada revenue agency and it is going to make it that much more difficult to access any of the good housekeeping programs that they may or may not have such as the voluntary disclosure.
If that doesn’t fact happen and you have given them every reason to become suspicious of view, they are legitimately going to audit you and look at absolutely everything from within your bank account and your personal and your professional life.. The reason for this is because you failed to identify that there was any personal benefit and you also fail to identify that you are at fault for a lot of what has happened with the filing of your taxes late. You were not honest with them and you did not identify when and what is happening from within the taxes. Remember, in terms of GST, they view it as their money that you are playing with not years. Our team will help you see results super fast and you will see how we go above and beyond.
