Midway into Tax Season…. Why we wait and why we shouldn't!
We are now about half way through tax season and many of you still have not filed your income tax returns for 2013! If you are thinking of putting it off further… Don’t!!
Many people put off filing their tax returns because they are afraid they cannot pay, they don't know how to do it, or as the common self-deceiving belief goes they “work better under pressure.” However, it is important to know the penalties of delaying or failing to file your income tax and what options you have to get them done efficiently and effectively.
Late filing of your income tax will result in a delay in your tax credits, child tax or old age and security benefits and can accumulate interest. Failure to file your tax returns can have much more serious implications. Again, if you think you cannot pay your taxes, a professional accountant can help you file and even arrange for payments. CRA can get aggressive! Failure to file your taxes can lead to banks freezing your funds and income garnishments of up to 50% of your income.
Getting it done with a professional accountant…
There is the traditional method of filling and filing tax forms manually which can get messy and confusing or through expensive software. We recommend doing it through a professional and trusted accountant that can understand your needs and help make filing taxes a comfortable and successful experience.