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| *The Commerce Journal>>>Canada Taxes |
OMG PLEASE HELP TAXES IN CANADA?? ok so Ive never filed a return and its because theyve always owed me money? |
for 2006 I owe money but will file within a few weeks. What they owe me from previous years added up is enough to cover what I owe can this be applied If I do all of my taxes going back to when I was 18? Also can I go to jail for this? I dont owe more than $1000 and do intend on paying soon just scared and dont know what to do? You should file asap. If you owe money you will be charged a late filing penalty and interest on the money owing. It is up to the discretion of Revenue Canada as to whether or not they waive these fines. Yes, you should file all previous years at the same time . Make sure you check the box for the GST credit. They will offset monies owing from the monies you owe. If you do not know how to complete your taxes - get all the forms for each year and your slips together and make an appointment with Revenue Canada, they can help. Or find someone through local ads to help you. There are people who will help you for less money than an accountant or HR Block. I know, because I help people learn how to do their own taxes. if you work.. your eligible to get all the money back since you were 18 I guess it depends on how many years it has been since you've filed. CRA will not ordinarily assess returns more than three years old. You may have to contact CRA regarding taxpayer relief provisions, if the returns you are talking about are more than 3 years old. http://www.cra-arc.gc.ca/agency/fairness... You should certainly file 2006 ASAP (whether you have the prior years completed or not), since the penalty is 5% of the balance owing plus 1% for every month that you didn't file; you won't be penalized for the prior years, since there is no balance. Since your balance is under $1,000, you will likely be able to wait for the refunds to be processed before you receive a call from CRA. You can always make an arrangement, if you aren't sure your refunds will cover it (there is a new telearrangement program where you can make an arrangement on the phone without even talking to a CRA representative). Just an FYI: old refunds take longer than current year refunds to process, especially ones you need to apply for taxpayer fairness for. |
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