Overdue Tax Returns

Honestly, an overdue tax return is not the worst thing that can happen, but it happens to some of us and even to the best of us on occasion and can cause quite a bit of stress over fines and injunctions. Sometimes, because of the uncertain nature of the situation, some choose to continue to procrastinate on filing their overdue taxes. However, this is not the best choice. The best step to take is to confront the situation head-on which means that anyone with overdue taxes should find a professional tax accountant to help them compile and file their overdue returns. Doing so may also help you reap some tax benefits, even if your returns are overdue.
Once all of your tax information is fully completed and accurate, you can then begin to negotiate with the CRA the possibility of a payment plan so that you can bring all your records up to date. Never wait to resolve any issues with your late taxes. Here at Ottawa Bookkeeping, we’ll help you get back on track. Our accountants are trained and have experience in this type of financial hardship and will help you avoid penalties and fees.

There are many reasons why your taxes are overdue, and if any of the following pertains to you then we’ll be able to help you:

● You did not know you were required to file a tax return
● You did not have the money and did not want to file until you could pay
● You were sick (physically, emotionally, or mentally)
● You were extremely busy
● You were out of the country at the time
● You always get a refund and always fail after the rush
● You’re on your own timeline and you just go with the flow

Just as there are many reasons why your taxes could be overdue, there are also many reasons why you have to file them right away. If the following pertains to you then we’ll be able to help you:

● Requested by family lawyers during divorce proceedings.
● To reinstate family benefits which you are entitled to but have been suspended as your returns are not up to date
● To fulfill CRA demands to file outstanding returns
● For estate purposes to obtain Clearance Certificates
● To bring records up to date and obtain the refunds the you are entitled to
● To correct returns which have been arbitrarily assessed by the CRA

If you have overdue taxes, call Ottawa Bookkeeping right away! We’ll help you straighten up the issue in no time!