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| *The Commerce Journal>>>Canada Taxes |
How to get a T4 and repay an outstanding tax balance.? |
I would like to know if I can not get ahold of a company for a T4 I need for my 2005 taxes is there another way to get one? Also I have an outstanding balance with the CRA from my taxes filed for 2004 and con not pay the whole thing at once, when I do my taxes for now for 2005 which is also late will they jusr send me notice of outstanding arrers? And what is the penalty for filing late? Also being late where/how can I file? This is in Canada. To get a copy of the T4, contact CRA, and they can provide you with a copy of the information. Also, to get the forms for the prior years, CRA will have them available online, or you can contact their forms counter to have them mailed to you. You can make arrangements with CRA. There is a system called TeleArrangement service that you can acces by calling 1-866-256-1147. Check out this link for this and other options: http://www.cra-arc.gc.ca/tax/individuals... As for the penalty, it is 5% + 1% per month up to a maximum of 12 months, if this is your first late. Since it appears you may have 2 returns in a row already overdue, your penatly for your second late would be 10% + 2% per month for a maximum of 20 months. For more details see: http://www.cra-arc.gc.ca/tax/individuals... I should note that the late penalties are for filing late; if you had filed on time and make payment arrangements, you would have avoided the late filing penalties, but would have still been subject to interest. |
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