Why you Should Always File Your Income Tax Return on Time
Every tax season, we see a number of new clients who have several years of returns to file. Often, they have not filed their returns because they think they owe money but if this is the case avoiding your taxes will do you more harm than good.
The CRA views overdue items in two distinct ways – a) compliance and b) collections. The first option requires you to file your return on time. The second results in two different charges – late filing penalties and interest. If you are late filing and owe money you could be liable for both.
Do you always file your income tax return on time?