Late Tax Filing
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Unfiled Taxes / Back Taxes / Late Tax Filing
Canadian taxpayers are legally required to file complete and accurate tax returns on time. Those who fail to do so risk significant consequences including criminal charges of tax evasion, arbitrary assessments, and substantial penalties.
What is Tax Evasion?
Tax evasion is the wilful attempt to suppress or not disclose income that is required to be reported. Failing to file returns or report worldwide income accurately, falsifying records, purposely not reporting income, and inflating expenses are all examples of tax evasion.
The Canada Revenue Agency’s Criminal Investigations Program investigates cases of fraud and refers the gravest violations to federal prosecutors. Tax fraud is prosecuted under section 380 of the Criminal Code of Canada and can be punished with up to 14 years in prison.
Dealing with Unreported Income
If you have unreported income, the experts at Farber Tax Solutions can help you find relief. Our experience includes assisting clients with the disclosure of unreported income as well as successfully challenging unfounded allegations of tax evasion. We offer a free consultation and tax lawyers are available if solicitor-client privilege is required.
What if Returns are not Filed on Time?
Taxpayers who do not file their returns on time expose themselves to the possibility of being arbitrarily assessed. An arbitrary assessment is the CRA’s attempt at estimating a taxpayer’s income tax liability for an unfiled tax year. A notional assessment is the estimate of a GST/HST liability. Quite often, these estimates are grossly exaggerated but payable in full nonetheless. After arbitrary/notional assessments have been issued, the CRA Collections Division begins enforcement action to collect debts through the use of garnishments, Requirements to Pay, and liens.
If you have been arbitrarily or notionally assessed, Farber Tax Solutions can help. Our team of experts can dispute and overturn these unfair assessments in favor of your actual returns. In addition, we can also halt CRA enforcement action to prevent overcollection and unnecessary hardship.
The CRA expects taxpayers to be aware of their filing and reporting obligations. Taxpayers who do not file or have unreported income can be charged a variety of penalties based on taxes that would be owed, including:
- late filing penalties (maximum of 17% per year);
- penalties for failure to report income (maximum of 34% per year); and/or
- false statement or omission penalty, also known as the gross negligence penalty (maximum of 50% per year).
If you are facing significant penalties as a result of unfiled returns or unreported taxes, contact us today. Our experts have a proven track record of experience that can help you avoid and/or cancel penalties in full.
Let Us Solve Your Problems
Mistakes can happen to anyone. Unfiled tax returns and unreported income can be resolved in a number of ways including through the Voluntary Disclosures Program. At Farber Tax Solutions, we are committed to helping you find relief from tax evasion, arbitrary/notional assessments and unfair CRA penalties. We understand how daunting unfiled tax returns and unreported income can be. Our team of experienced ex-CRA professionals working in affiliation with tax lawyers from Farber Tax Law, can help you successfully correct your tax affairs without consequence. Any information revealed to us during the consultation is kept confidential and the Farber Tax Law lawyers can provide solicitor-client privilege if necessary. Let our experience work for you.
Farber Tax Solutions can help you successfully deal with CRA problems. We utilize the experience of our tax experts to:
- 1| Offer a comprehensive solution that is focused on achieving the most favourable possible outcome for your tax issue;
- 2| Communicate with the CRA on your behalf and navigate the entire CRA dispute process; and
- 3| Offer a complete solution to your tax problems, including ex-CRA professionals and tax lawyers from Farber Tax Law.