The TST offers tax services and help to businesses in Toronto, Ontario, Canada. Tax Services Toronto 2015

Our professionals specialize in ensuring all your deductions are utilised so you pay the minimum tax allowable. Whether your information is current or in arrears we can help. 

 

 
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Unfiled Returns

What are late filed returns and why do I have to file the prior year returns?
Every individual is required to file an income tax return. If you haven’t filed a return for prior years, it is important that you file to avoid interest and penalties. Contact us to know more about the consequences and how to resolve your situation.


I am filing for bankruptcy. Do I need to file outstanding tax returns?

Unless you file your income tax returns for the previous years, the debt that you owe on all those years will not be discharged when you file for bankruptcy. Call us and let us help you in filing all your prior tax returns.


What documentation is required to file my prior returns?

It may be difficult to find all the documentation required to file taxes for prior years. We would suggest gathering as much information as you have available and we will review and determine what is relevant. We can arrange to obtain missing T-slips etc., if required.


What if you owe a lot to Canada Revenue Agency?

Filing prior year taxes may result in you owing a lot of income tax. In circumstances where it cannot be all paid at once, we can assist you in arranging a payment plan with CRA.


Is it possible to waive the interest and penalties?

If Canada Revenue Agency has not contacted you to file the prior tax returns, you may be eligible for the Voluntary Disclosure program. It offers significant benefits to taxpayers who disclose unreported income before being discovered by CRA. In most cases, they would waive the penalties which can add up to a significant amount. 


Is there any criminal prosecution if tax returns are not filed?

Failing to file a tax return for any reason is technically a criminal offence. It is rare that the CRA seeks to prosecute people solely for failing to file tax returns but it does happen. CRA keeps an updated list on their web site of all recent convictions of taxpayers who have failed to file or evaded taxes. If you are contacted by the CRA regarding your outstanding returns, we can help you in communicating with the department to convey your intention to become tax compliant and negotiate any applicable deadlines to file your returns. We also work with professional lawyers who can be involved in case criminal prosecution is imposed on you.

 
Tax Services Toronto
555 Burnhamthorpe Road, Suite 406
Toronto, ON
M9C 2Y3
Phone: 416.626.2727
Fax: 416.621.7136
E-mail us: taxes@garybooth.com
Web: taxservicestoronto.com
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Tax Services Toronto | Unfiled Returns | Do I need to file outstanding tax returns? Unless you file your income tax returns for the previous years, the debt that you owe on all those years will not be discharged when you file for bankruptcy. Call us and let us help you in filing all your prior tax returns.