FAQS to Income Tax and Accounting

You can file your taxes late, but it’s best to avoid it if you can. If you owe taxes, filing late can lead to additional penalty fees. The sooner you file a tax return, the better off you will be.

Filing your taxes late may mean that you owe back taxes. If you owe back taxes, you can incur late-filing penalties (see below). Altogether, filing late can overcomplicate your tax situation, and it may mean that you’ll have to pay more than what you initially owed. You will not incur penalties if you have already paid your taxes but have not filed your return.

Most people have to file their taxes every year, yes. But contrary to popular belief, not everyone does. If your income does not exceed the minimum tax threshold, then you do not have to file a tax return. Nevertheless, it’s best to file every year so that you can claim potential tax credits and avoid future paperwork problems.

If you owe taxes, you will incur late fees and have to pay interest. These charges will accrue each month, so it’s best to file your tax return as soon as possible.

A professional can get you a greater tax return. An expert like ourselves can help you find potential tax credits, maximize your deductions, and ensure you get the most out of your tax return.

If you owe the government money in back taxes, you may face interest charges and penalty fees, starting with a failure-to-file penalty. Over time, these surcharges can amount to a considerable sum of debt. You can avoid paying unnecessary penalties by filing your taxes on time every year. If you cannot pay the full amount you owe, you can also file an extension or tax deferment.

It depends. If you have paid your taxes but have not filed a tax return, you will not face any penalties. If, however, you have not paid the full amount of tax that you owe, you will incur a failure-to-file penalty, as well as further penalties and interest charges over time. Even if you have paid your taxes, it’s still best to file your tax return. You may receive some money back, and you will avoid overcomplicating your tax situation, making it easier to file in future years.

To file on time, most Canadians need to file their personal taxes by the deadline in April. However, you can still file your return past the deadline. It will be considered late, so you may have to pay penalties if you owe any tax.

If you are self employed, your filing deadline is June 15th.

HOWEVER, all Foreign Income Verification Statements must be filed by April 30th, regardless of when the individual tax filing date falls.

Yes! You can check the status of your refund online by logging into the government website. For additional assistance, feel free to contact our office at (800) 279-2184.

Hiring a tax professional can help save you time, stress, and money on your taxes. By assessing your tax situation, they can work with you to minimize your tax liability while ensuring your tax return is processed quickly and correctly.