The Canada Revenue Agency (CRA) collects a significant amount of money in penalties and interest from taxpayers – both individuals and businesses. Unfortunately, often times these fines could have been prevented but are incurred simply because many Canadians are not fully alert of their obligations and deadlines.

Below is a list of 5 of the most common ways that can result in penalties from the CRA:

1. Not filing GST/HST paperwork on time.

2. Not making monthly installments for corporate income taxes.

3. Not filing taxes within 3 months after the business year-end.

4. Late payroll remittances.

5. Not filing personal income taxes.

These are only some of the ways in which the CRA can enforce penalties on taxpayers. While the CRA has designated legislation to assist taxpayers with cancelling and/or waiving penalties and interest charges (often referred to as Taxpayer Relief Provisions), it is important to recognize the powerful measures that the CRA can take to collect tax debts, including but not limited to the garnishing of wages, seizing of assets, or taking legal action on tax arrears.

Contact the Solutions Plus team today to see how we can help with government remittances,including source deductions, GST/HST filing, as well income tax returns. Our team is experienced with the Canada Revenue Agency’s complex processes and strict deadlines. We ensure the accurate calculating and timely filing of all CRA remittances, giving you peace of mind whilst helping you avoid any unnecessary penalties and interest.

Call us today at (705) 730-1370.

For more information on the CRA’s interest and penalty guidelines, please refer to the following government resources:

Individuals & Families:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/ntrst/menu-eng.html

Businesses:
GST/HST – http://www.cra-arc.gc.ca/gsthstpenalties/
Payroll – http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/hwpyrllwrks/pnlty/menu-eng.html

Taxpayers Relief Provisions:
http://www.cra-arc.gc.ca/taxpayerrelief