With the tax deadline only a few weeks away, here are three things you need to know if you haven’t filed for a few years.
- Filing now, in a batch, is likely to have all your returns audited. You’ll need to make sure you have receipts for every tax credit or deduction you are claiming.
- Don’t gloss over income you think doesn’t matter. Little odd jobs that paid only a few dollars have to be reported. If the CRA discovers you have omitted income, however insignificant, it will impose penalties that can be as high as 50% of the total tax owing.
- If you think you will owe tax, you need a plan for how you will address payment on the balances you owe before you file. Balances for several years, plus late filing penalties and interest, add up quickly to one very big tax debt.
Late filing in a batch is not a do-it-yourself tax fix. DioGuardi can help you file accurate returns, and help you plan how to pay the tax. Protect your money. Talk to DioGuardi before you file.
Call 1-877-4- DIO-TAX. Or visit www.dioguardi.ca