Preparation of a tax return for the sale of stone products

All Canadian citizens and foreigners who have been in the country for more than 180 days and have income there are required to submit income statements and calculated taxes to the CRA after the end of the next year. Taxpayers must submit these documents to the CRA and pay off all tax debts no later than April 30. For reports, you must use a special individual tax return. And it is extremely important that the taxpayer submits it in a timely manner and does not make mistakes when filling it out.

Penalties for late filing of a tax return and payment of taxes

If taxpayers do not pay their debts by April 30, the CRA will begin to charge them a default interest starting from the first day of May. This means that every day the penalty will be equal to the amount of the debt, as well as the amount of interest added to it.

If a person paid taxes, but delayed filing a tax return, then the CRA will punish them with sanctions equal to 5% of the amount of the debt and 1% for each month of delay, but no more than 12 months. For example, if the tax return was filed on August 5, then the sanctions by this time will be 8%. 5% of them will be counted for the amount of the debt and another 3% for three full months of delay.

If you think that you will not have time to pay off your tax liabilities by the allotted time, then you should try to submit reports on time. This will help you avoid late filing penalties.

US tax services in Toronto

The above conditions of penalties for late filing apply to all provinces except Quebec, where penalties are calculated a little differently. For 1 day of delay, the penalty is fixed at 25 CAD, but the maximum amount of money that the debtor has to pay will not exceed 2500 CAD.

Submitting False Information

If a taxpayer submits false data, the CRA fines him by 50% of the amount of the lost tax. But the minimum penalty figure cannot be less than 100 CAD.

To avoid receiving fines and other troubles, you can use the Canadian tax preparation service. Experienced professionals will take into account all the details, help you make the correct calculations, and then fill out and submit your tax return. In simple situations, the price for taxation services is around 25 CAD.

Legal entities are advised to study tax companies in Canada and choose the one that will keep accounting and report to the CRA on time.