Tax Considerations for Toronto Freelancers and Independent Contractors
As a freelancer or independent contractor in Toronto, you enjoy the freedom and flexibility of being your own boss. However, along with this independence comes the responsibility of managing your taxes effectively. Understanding the unique tax considerations for freelancers and independent contractors in Toronto is essential for ensuring...
CRA Penalties and Interest
When taxpayers owe money to the Canada Revenue Agency (“CRA”), the amounts can quickly rise because the CRA charges interest on top of the amount owing. Additionally, if you file late, the CRA will hit you with penalties, and they even charge interest on those penalties. Before you know it the amount you owe could be insurmountable.Interest...
What if CRA denies your Voluntary Disclosure?
What if CRA denies your Voluntary Disclosure?
After filing a complete Voluntary Disclosure Application, Canada Revenue Agency (CRA) will eventually advise by letter if the voluntary disclosure has been accepted or denied. If accepted under the General program the taxpayer will receive full penalty relief, including from...