Help! I haven’t filed a personal tax return in a few years and don’t know where to start!
Myth: Everyone files their taxes on time
As accountants we would love to believe that everyone’s first priority is their taxes and they would never let a year go by without organizing all of their documents and filing their returns on time. However, there are myriad reasons why people have not filed their returns and invariably, we encounter a few individuals each year that are behind in their filings. In a few cases we have had people with over 10 years of unfiled tax returns. If you are in this boat, it is important to know you are not alone.
Where do I start?
Call us. We can do everything from providing advice to preparing and filing all your returns. If you are worried that you do not have all your information from past years, that is ok. Many of your income slips are on record with the CRA and we can help you get them.
Benefits to filing your taxes
- You may be due a tax refund. For example, one of our clients had not filed in several years and it turned out he was owed thousands in overpaid taxes!
- If you are applying for a loan or mortgage you will almost certainly need to provide a copy of your tax return and the CRA Notice of Assessment.
- You may be missing out on tax deductions available for this year and future years. We can help you identify these deductions and save you tax going forward.
- If you do end up owing, you will finally know how much. No more sleepless nights imagining the worst. As well, eventually the CRA will come for their money. The more years that go by, the more interest they will charge. If you cannot pay what you owe, it is better to be proactive with the CRA and negotiate a payment plan, rather than hope they will forget about you.
- Peace of mind; tax returns can hang over your head and be a source of worry. Let us help remove that worry for you.
If you need help getting caught up on your taxes, give us a call and we get the ball rolling for you.
This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation, please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your circumstances.