Edmonton Business Coach | Don’t Mess With Tax Deadlines
Edmonton business coach says tax filing deadlines can be pretty clear and concise, and, although there are many dates that you may or may not have to remember, only some of those dates will pertain to you and your business.
What is legitimately important is the fact that you have to understand that you cannot be late in filing your taxes. This does not matter if you do not have enough money to pay your taxes, or if any other situation comes up. Make sure that you legitimately pay your taxes on time. This is despite the fact that you may or may not think so as a new small business owner, going to save you a lot of money in the end.
Edmonton business coach says the reason why this is going to save you a lot of money is because the fact that you are not going to have to pay a lot of penalties. You’re going want to understand the fact that there are going to be penalties for late remittances of your taxes. However, what’s gonna be worse is the fact that you try and the your head in the sand and completely avoid it in terms of dealing with the Canada revenue agency.
Edmonton business coach wants you to understand that in terms of taxes the GST is a little bit dicey are in that, in the eyes of the Canada revenue agency, they view GST as a trust account. It, according to the Canada revenue agency, wasn’t your money to play with and at all to begin with. The default is three months. That is for personal and corporate arrears. Those can generally get a six-month extension, however that is really tough to get in terms of dealing with the Canada revenue agency. It is easier to get on the other hand and can be a lot more flexibility if it is up to and only six months. There is always the potential to get a longer-term but that is going to be even tougher. It is not necessarily a hill that you should potentially try and die on. Make sure that if you do get a six month extension from the Canada revenue agency that that is it and you make sure that it is paid off.
Because you need to pay it off, you make sure that you talk to your charter professional accountant and get a business plan and a financial plan going so that you indeed do have a plan with which you can pay it off.
It is better if you file your taxes. Whether that means that your taxes are incomplete, or that you do not have enough money to pay your taxes, make sure that you at least file. That shows a sense of honesty, and integrity. And you might get a little bit of leeway and a little bit of patients in terms of the Canada revenue agency.
Why Do You Need Our Edmonton Business Coach Today?
Get on to your tax deadline filing dates as soon as possible, says Edmonton business coach.
As a matter fact, don’t even bother doing it just handed all over to the charter professional accountant that we know that you have retained to help you in the financials of your small business. No matter if you are a new small business owner or a seasoned veteran, make sure that you are always working with a charter professional accountant.
What that is going to do is that is legitimately going to help you to make sure all of your T’s are crossed in all of your eyes are dotted so that you don’t have to incur any unnecessary penalties and fines and keep your money where it should be, in the bank.
Particularly if you have a charter professional accountant, says Edmonton business coach, there is absently no necessary for you to incur a sense of penalties or fines. You should all be on top of your financials. Bear in mind that that is money thrown away if you do incur a penalty or fine.
Don’t do it in terms of wanting to save face, or keep yourself hidden from the Canada revenue agency. What the Canada revenue agency has is a sense in a program called voluntary disclosure. If you are in arrears of any of your filings, make sure that you phone them before they phone you. Obviously what potentially might happen is that you know that you are in a penalty with the Canada revenue agency because you didn’t legitimate pay any money or you pay less money that was owed to them. However, the Canada revenue agency has and phone you yet or even realized get this can be to a significant advantage. The advantage can be that you phone them first, you confess that you owe them still money but don’t have it, and they might enter you into the voluntary disclosure program where in, you can use a lot of your story to try and get the penalty fine off so that you don’t have to pay. You’re always going to have to pay the interest don’t try and get around that, says Edmonton business coach however, by delaying your also losing the chance to get into that voluntary disclosure program. Those penalties are bigger than the interest can be and that is legitimately the key.
Business coach wants you to understand the business owners with the proverbial head in the sand and delaying filing taxes are not going to get any benefits, or any likes from the Canada revenue agency. It is the people that are honest, and open that they have programs to help them. The reason why they potentially have Pro problems is because they know that they’re not doing well in their businesses. The Canada revenue agency does recognize this and does recognize that there are tough times ahead, and they are willing to help people who are open and honest.