10 Tax Tips

Accountant Mississauga

#1 Fail to file on time or at all

As promised Here is the first one in the series of the 10 Tax Errors when filing!

1. Fail to file on time or at all. For those who owe tax, missing the April 30 filing deadline can draw severe penalties and interest, including an automatic 5-per-cent charge, plus 1 per cent a month over the next 12 months.

Some don’t file at all. But even someone with little income who doesn’t owe tax or expect a refund should file to register official earned income for RRSP purposes.

When only one spouse is working, the other should file a nil return. Not doing so could negate their family unit being able to receive benefits such as the sales tax, GST and child tax credits, notes John McCormack, a certified general accountant in Oakville, Ont.

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January 26, 2009 - Posted by | Accountant CGA, Accountant Mississauga |

1 Comment »

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