A CRA Late Filing Penalty Will Significantly Increase Your Tax Debt Making it Hard to Pay CRA
If you own US real estate or earn income from real estate in the United States, you may be required to disclose this information. The CRA is looking for those who do not comply. The Voluntary Disclosure Program (VDP) may help you.
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If you have a CRA tax owing, need tax help and want to reduce CRA late filing penalties and interest, you can count on us!
The CRA late filing penalty, which arises as a result of not filing your previous year’s tax return on time, is 5% of the CRA tax owing, plus 1% of the CRA tax owing for each full month your return was late, for up to 12 months. The CRA late filing penalty as a result of not filing multiple years of tax returns may be 10% of the CRA tax owing plus 2% of the CRA tax owing for each full month your return was late, for up to 20 months. This is in addition to the compound interest which will be charged on your tax debt and penalty, retroactive to when you should have filed.
A CRA tax penalty and interest can be crippling and cause your tax debt to balloon to a size that can make it impossible to pay CRA under terms they will accept and that you can live with.
If you have a tax debt and you’re concerned that you can’t pay CRA, we can help you to:
- Stop CRA collection action
- Reduce and eliminate a CRA late filing penalty and interest
- Achieve tax relief
We offer you a free initial consultation which you can book by completing our contact form, calling 1-888-868-1400 or emailing email@example.com to set up a phone consultation or in-person meeting today!
Farber Tax Solutions can help you successfully deal with CRA collections. We utilize the experience of our ex-CRA professionals to:
- 1| remove existing collections action;
- 2| prevent future collections actions; and
- 3| help implement an affordable payment arrangement that is acceptable to the CRA.
In some cases, collection actions can even be postponed altogether. Our staff have over 30 years of combined experience working at the CRA and utilize their insider knowledge to help secure the best deal for you.