Did you know?
You should keep your tax return documents, even after you file: “The more organized you can be with receipts and other documentation relating to your return, the better off you’ll be if you are selected for an audit. Be prepared to produce them quickly when CRA asks to see them, and keep in mind that members of your family may be asked to offer up their own documentations as well.”
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“If you’re 65 or older, and plan to continue working, you can choose not to contribute to CPP by completing Form CPT30 Election to stop contributing to the Canadian Pension Plan, or Revocation of a Prior Election.”
Have questions? Give us a call at 905-571-2665 (BOOK)!
Why is it important to file taxes on time?“If you owe money to the CRA, you will endure a late filing penalty of 5% of your unpaid taxes, plus 1% a month for 12 months from the filing due date. That’s just the first strike. If you fail to file on time again within a three-year period, that penalty goes up to 10% of unpaid taxes plus 2% per month for a maximum of 20 months.”
Have questions? Give us a call at 905-571-2665 (BOOK)!
