Paying your 2016 taxes owing
Communication is the foundation of any relationship, whether in love, in life or at work. One relationship that's important to keep on an even keel is yours with the Canada Revenue Agency. It's hard to admit, in any kian lawley dating andrea russett, that you are wrong. With the CRA, the challenge comes when you've calculated your taxes revenur, and don't have the money revenye cover the outstanding balance.
While employers are usually quite accurate at deducting the right amount at source as reflected on your T4 slipmany circumstances -- casual income, a raise, taxable benefits -- can affect your tax picture and leave you owing money. While it's tempting to ignore the CRA until you can make it right, this is exactly the wrong thing to do. Communication is more important than ever now; it can save you a lot of legal hassle, and a lot of money.
Your first and most important form of communication with the CRA is your income tax return. Even if you can't pay the outstanding amount, it's important to get your T1 in on time. It can raise red flags at the CRA if you don't. And datde subject to a late filing fee of five per cent of what you owe. The more substantial your outstanding bill, the bigger the hole you're digging. While you're filing your return, you might want to include a little note expressing your goodwill -- a tk for a partial amount of the outstanding balance.
Paying what you can revdnue the deadline reduces the amount candaa interest you'll have to pay, since that is calculated at one per cent per month of the balance owing. In fact, that can lead to a different communication strategy altogether -- instead of waiting till the last minute, or filing late, file early. Let's take the example above. You might even find you can pay off the entire outstanding balance before it's too late.
If you've done all the above and find you still have a bill outstanding, you're going to be dealing with the CRA's collections department. Sounds ominous, doesn't it? But if you're proactive about the situation, you're better off than if you wait for CRA to come to you. You'll receive a notice of assessment that specifies what you owe the CRA. When you receive it, call the collections department as soon as possible and ask to arrange a payment plan.
CRA collection agents have a fair amount of leeway to negotiate a payment plan, depending on the amount owed. You'll be assigned a collection agent, and that person will be the primary manager of your relationship with the CRA. One exception to the general rule about negotiation: If you're self-employed and collect harmonized sales tax, post dated cheques to revenue canada sales tax or the goods and services tax.
This money belonged to the government in the first place; you were just the cashier who collected it. One thing that can't be stressed enough: If you agree to make payment commitments to the CRA, always -- always -- live up to them. If you submit post-dated cheques, make sure your balance will cover them. If you've arranged online payments, make them in time.
The collections agent assigned to your account has the authority to freeze bank accounts without going post dated cheques to revenue canada court, and they will if you miss a payment or bounce a post-dated cheque. But, in general, collections agents for the CRA, unlike private collection agents, are co-operative and want to put you back on the right side of the ledger.
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