Late Filing Penalties: Talk About It!

While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:

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If you are amongst the millions of people living in Canada who are trying to understand what the U.S. tax filing rules are, what they mean and how they could affect you, you need to read Canadians and the IRS. Author Angela Preteau tells why.

Despite the recent shutdown for the Heartbleed bug, CRA is back in full swing processing tax returns, 84% of which have been filed online as of March 24. Those who file electronically are getting tax refunds faster – in less than two weeks when all goes as planned.

The Government of Canada will develop a financial consumer code that could better inform and protect Canadian citizens when purchasing financial products and services.

Tax Advisors take note: the Supreme Court of Canada has allowed an appeal from the Federal Court of Appeal (FCA) to decide on when civil tax penalties are in fact criminal in nature, and as a result, should be protected under the Canadian Charter of Rights and Freedoms.

The average tax refund in Canada is now over $1620 – and that means millions of dollars of overpaid taxes are being taken out of the hands of average people all year long. At particular risk are employees.