SOURCE: Mew & Company

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September 12, 2015 10:00 ET

Vancouver Accountants Mew & Company Release Warning About Late Filing Tax Penalties

Vancouver Accountants Mew & Company Chartered Accountants' Blog Article Outlines the Methods Used by the CRA to Prompt Taxpayers Into Filing Tardy Returns

VANCOUVER, BC--(Marketwired - September 12, 2015) - Mew and Company, a firm of Vancouver-based accountants, have a dire warning for people who ignore the Canada Revenue Agency's (CRA) request to file outstanding returns. The CRA has many ways to penalize tardy taxpayers, which includes garnishing accounts and imposing heavy-duty fines.

"We know from experience that the first thing banks and mortgage brokers request is confirmation that all tax filings are current along with the notice of assessments," states the article. "The CRA has the power to put a lien on a house for any unpaid tax debt, so the banks do not want any problems with CRA in splitting the proceeds from the sale of the home."

People who file late personal and GST returns will be charged interest on any late balances owing, which is currently 5%. There is also a late filing penalty.

For the first offense, the penalty is 5% of the unpaid tax due at the filing date, plus 1% for each complete month the unpaid tax is outstanding up to a maximum of 12 months. If a late filing penalty has already been incurred within the last three years, the penalty increases to 10% of the unpaid tax at the filing date, plus 2% per month, up to a maximum of 20 months.

If returns are outstanding, no banks or credit card companies will look at an applicant, until all outstanding returns are filed and assessed, which could potentially take months.

"The real lesson," the article concludes, is that "the CRA will eventually stop you on your tracks to force you to file your tax returns."

About the Company

Mew and Company Chartered Accountants in Vancouver is an ideal solution to your taxation problems. With their simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields, including restaurants, real estate, retail and the service industry. Investing in their specialist services will undoubtedly prove to be fruitful for all kinds of clients.

To learn more about Mew and Company or for further contact information, visit http://mewco.ca/.

Contact Information

  • Mew & Company Chartered Accountants
    Lilly Woo
    604-688-9198
    company website: www.mewco.ca