Posts Tagged ‘penalties’

Behind on filing your taxes? Time to make a plan

Posted on: June 3rd, 2015 by Real Estate Accountants No Comments

Over the years, we have fielded many questions and concerns from real estate investors, business owners, and other clients who, sometimes sheepishly, sometimes fearfully, have approached us to say that they are behind on their tax filings. I always start this conversation with “You are not the only one”. Approximately once a month we have […]

Failed to report income on your tax return again? Be prepared for steep penalties

Posted on: October 29th, 2014 by Real Estate Accountants No Comments

Did you know that if you forget to report income on your personal tax return in one year and then accidentally repeat in the next 3 years following, the CRA will charge you a penalty of 20%? Yes, that’s right, 20%. How is the penalty determined? This is how it works: If in 2010, 2011 […]