Many people experiencing problems of unfiled tax returns. It is understandable that there are many priorities in people’s lives and thus it is becoming increasingly difficult for taxpayers to catch up with their tax filing obligations.
The CRA, however, views your situation differently. CRA, by its nature, is a tax revenue agency and thus views your Unfiled Tax Returns to CRA to be not in compliance with Income Tax Act and thus this behavior merits some financial or legal punishment.
To be in compliance, you must have all your Unfiled Tax Returns filed. This means you won’t get any relief from CRA collection actions such as income garnishment or bank levy, until you complete and file all tax returns. So the sooner you file all your back taxes, the sooner the CRA will be willing to negotiate with you.
File Your Past Tax Returns
It is very important to understand that filing your tax return each year on time will save you lots of CRA trouble. If you have not filed tax returns for few years, it is in your best interests to file them as soon as possible.
Knowingly not filing your tax return is illegal as shown in many Tax Court Cases. However, CRA understands that people make mistakes and thus they give you a limited time window to file over due tax returns to correct the wrong.
The CRA may send you a demand to file for the current year tax unfiled; CRA may also wait for few years and then send you the demand to file letter. You need to keep in mind that CRA will eventually find you and if they do, you will have to face the late filing tax penalties and accumulated interests starting from the date when the tax is due.
Consequences of Not Filing Past-Due Returns
If you do not cooperate with CRA and ignore the demand to file notice, CRA may just take some harsh legal action against you, such as lock up your bank, garnish your income, bank levy, etc.
When a Mistake Becomes a Crime
With the advance of the technology, CRA has enhanced its database to identify people who have unfiled tax return problems for years. If you have unfiled returns, you are automatically on the list of most wanted people for tax collection. If you can act before CRA gets to you, you have a better chance of resolving your tax problems without going thorough the pain of legal action and embarrassment.
The CRA has a wide range of punishment available that they can impose on persons who don’t file returns. Intentionally not filing, or filing a false return, is a crime. It is critical to take action to resolve your unfiled return problems before a simple mistake becomes a crime.
What We Can Do to Help You
To control your damage right away, we will do a quick, sometimes, on the spot assessment, if you have unfiled tax returns for years and you do not owe taxes. Then we will quickly help you to reconstruct all the financial information and locate all your missing pieces of tax information to report your tax returns properly.
If we determine that you have unfiled tax returns and large tax debts owing for many years and thus the interests and late filing penalties are alarmingly high. Then we may need to help you to file under the Voluntary Disclosure Program or Tax Amnesty immediately to avoid the risk of being caught by CRA and thus lose the opportunity to file under the protective Voluntary Disclosure Program to reduce the severe damage. The penalties alone may force you into bankruptcy.
Our Free Consultation & Service Guarantee
To begin with, we offer RISK FREE no obligation initial consultation just to help you to understand the depth and complexity of your tax problems. We will also provide you the recommended steps to take to fix your tax problems. Then it is completely up to you to decide what to do from there. So feel free to give us a call at 866-611-6482 TODAY!
If you do decide to engage us to fix your tax problems, we will provide price match guarantee within the entire tax negotiation industry.