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	<title>2017 income tax deadline &#8211; DebtCare</title>
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		<title>2018 Tax Deadline for Contractors Coming Up</title>
		<link>https://www.debtcare.ca/2018-tax-deadline-for-contractors-coming-up/</link>
		
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		<pubDate>Wed, 06 Jun 2018 17:57:59 +0000</pubDate>
				<category><![CDATA[2017 income tax deadline]]></category>
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		<category><![CDATA[self-employed tax deadline]]></category>
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		<guid isPermaLink="false">http://www.debtcare.ca/?p=6651</guid>

					<description><![CDATA[<p>The 2018 tax deadline for sole proprietors and partnerships is on June 15, 2018. Have you filed yet? If not, don’t panic – you still have time. But it’s in your best interest to get your taxes filed by the deadline if you owe, or else you’ll be subject to Canada Revenue Agency (CRA) late-filing [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.debtcare.ca/2018-tax-deadline-for-contractors-coming-up/">2018 Tax Deadline for Contractors Coming Up</a> appeared first on <a rel="nofollow" href="https://www.debtcare.ca">DebtCare</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><img decoding="async" class="size-full wp-image-6652 alignright" src="http://www.debtcare.ca/wp-content/uploads/2018/06/2018-tax-deadline-DC2.jpg" alt="" width="189" height="180" />The 2018 tax deadline for sole proprietors and partnerships is on June 15, 2018. Have you filed yet?</p>
<p>If not, don’t panic – you still have time. But it’s in your best interest to get your taxes filed by the deadline if you owe, or else you’ll be subject to Canada Revenue Agency (CRA) late-filing penalties, interest, and potentially worse consequences.</p>
<p>The CRA late-filing penalty is 5% of your balance owing, plus 1% of your balance owing for each full month your return is late, up to a maximum of 12 months.</p>
<p>What’s more, if you’ve been charged a late-filing penalty on your return for 2014, 2015, or 2016, your late-filing penalty could be even higher: 10% of your balance owing, plus 2% of your balance owing for each full month your return is late, up to a maximum of 24 months.</p>
<p>Plus, if you’ve failed to report an income amount on your return for 2017 and you failed to report an amount on your return for 2014, 2015, or 2016, you may be subject to a federal and provincial repeated failure to report income penalty. These are equal to the lesser of:</p>
<ul>
<li>10% of the amount you failed to report on your return for 2017; and</li>
<li>50% of the difference between the understated tax (and/or overstated credits) related to the amount you failed to report and the amount of tax withheld related to the amount of you failed to report.</li>
</ul>
<p>And then there’s the interest. Unfortunately, even though the self-employed tax deadline is on June 15, 2018, if you didn’t file your return before April 30, 2018 (the personal income tax deadline), you will already be accruing daily compound interest.</p>
<p>The CRA starts charging interest on May 1, 2018 for any unpaid amounts owing for 2017 – and this includes your sole proprietor return. But you’ll still have to pay far less interest if you file by June 15, 2018 then if you don’t file at all.</p>
<p>And last, but certainly not least, don’t forget the HST. If your sole proprietor or partnership gross revenue is exceeding $30,000 a year, you’ll also have to file a HST return once a year, usually when you send in your income tax return.</p>
<p>If you haven’t filed already, what is stopping you?</p>
<p>Some common reasons we hear about are lost receipts, unorganized books, or contractors knowing they won’t be able to pay.</p>
<p>Whatever the reason, there is a solution – and it’s not avoiding the problem.</p>
<p>If you don’t have receipts, retrace your steps. There might be receipts that have been emailed to you, or you may be able to get duplicate copies from the providers if you have a record of the transaction in your bank account. And there are some expenses you might not need receipts for. A qualified financial professional can help you know what is needed.</p>
<p>If your books are unorganized, look for help. A qualified financial professional can help you find a more sustainable system.</p>
<p>If you know you can’t pay, then you need to start looking at debt consolidation options. Again, that would be something a qualified financial professional could help you explore.</p>
<p>In any case, you don’t want to bury your head in the sand. That will only make the situation worse and leave you in financial disrepair. Not only will you have to deal with late-filing penalties and interest, but it could also lead to CRA collections action, such as a frozen bank account, contacting your clients and telling them to send payments directly to the CRA, or even court action.</p>
<p>Don’t miss the 2018 tax deadline. If you’re in a tight spot, DebtCare Canada can provide financial guidance to help you out.</p>
<p><strong>Call us today for a free consultation: 1 (888) 890-0888.</strong></p>
<p>The post <a rel="nofollow" href="https://www.debtcare.ca/2018-tax-deadline-for-contractors-coming-up/">2018 Tax Deadline for Contractors Coming Up</a> appeared first on <a rel="nofollow" href="https://www.debtcare.ca">DebtCare</a>.</p>
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		<title>2017 Tax Deadline for Sole Proprietors Right Around the Corner – Are You Prepared?</title>
		<link>https://www.debtcare.ca/2017-tax-deadline-for-sole-proprietors-right-around-the-corner-are-you-prepared/</link>
		
		<dc:creator><![CDATA[admin]]></dc:creator>
		<pubDate>Tue, 01 May 2018 13:52:19 +0000</pubDate>
				<category><![CDATA[2017 income tax deadline]]></category>
		<category><![CDATA[Blog]]></category>
		<category><![CDATA[Self-Employed Tax Deadline]]></category>
		<category><![CDATA[2017 tax deadline]]></category>
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		<category><![CDATA[self-employed tax deadline]]></category>
		<guid isPermaLink="false">http://www.debtcare.ca/?p=6522</guid>

					<description><![CDATA[<p>While the 2017 personal tax deadline has passed, the self-employed tax deadline is still approaching. Sole proprietors have until June 15, 2018. Are you prepared? If you don’t file before the June 15 deadline, you will be subject to CRA interest and penalties. CRA late-filing penalties and interest charges are the same for the self-employed [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.debtcare.ca/2017-tax-deadline-for-sole-proprietors-right-around-the-corner-are-you-prepared/">2017 Tax Deadline for Sole Proprietors Right Around the Corner – Are You Prepared?</a> appeared first on <a rel="nofollow" href="https://www.debtcare.ca">DebtCare</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><img decoding="async" class="size-full wp-image-6523 alignright" src="http://www.debtcare.ca/wp-content/uploads/2018/05/2017-tax-deadline-DC1.jpg" alt="" width="189" height="180" />While the 2017 personal tax deadline has passed, the self-employed tax deadline is still approaching. Sole proprietors have until June 15, 2018. Are you prepared?</p>
<p>If you don’t file before the June 15 deadline, you will be subject to CRA interest and penalties.</p>
<p>CRA late-filing penalties and interest charges are the same for the self-employed tax deadline as they are for personal income tax. If you file late, you’ll be subject to paying an additional:</p>
<ul>
<li>5% of your balance owing, plus;</li>
<li>1% of your balance owing for each month the return is late, up to 12 months, and;</li>
<li>compounded daily interest starting June 16, 2018.</li>
</ul>
<p>The CRA late-filing penalty is even higher if you’ve missed filing a return in a previous year. If you’ve been charged for late filing previously, you may have to pay an additional:</p>
<ul>
<li>10% of your balance owing, plus;</li>
<li>2% of your balance owing for each month the return is late, and;</li>
<li>compounded daily interest starting June 16, 2018.</li>
</ul>
<p>While the late-filing penalty is the same for sole proprietors as for individuals, the collection penalties can be substantially steeper.</p>
<p>A CRA garnishment on a sole proprietor business can be up to 100% of your earnings. CRA can contact your clients for the garnishment and your clients are legally obligated to pay.</p>
<p>If you are an employer, the amounts that you deduct and withhold from the wages of your employees are considered trust amounts. If you operate a business as a sole proprietor, partnership, or corporation, the GST/HST amounts you collect from your customers are also deemed trust amounts. You can’t use these as cash flow and they must be paid in full when owed.</p>
<p>If you owe taxes as a sole proprietor, don’t wait to file until after the 2017 tax deadline. The consequences will be much worse.</p>
<p>But if you can’t pay your tax debt, what can you do instead?</p>
<p>Step 1: Make a Plan.</p>
<p>If you’re not filing because you don’t have receipts, there are solutions.</p>
<p>If you’re not filing because you know you can’t pay, you need a plan to deal with debt. The plan you make will depend on your business, income, and debt. There are options available. A financial professional can help you find the right answer for you.</p>
<p>Step 2: Get Filed.</p>
<p>As we outlined above, there are no benefits to delaying your filing. At best, it will only result in interest and penalties that will make your tax debt even bigger. At worst, it could lead to court action for tax evasion. Make sure to file before the 2017 tax deadline.</p>
<p>Step 3: Implement Your Plan.</p>
<p>After you’ve filed, it’s time to take action to deal with your tax debt.</p>
<p>DebtCare Canada offers one of the only solutions that stops CRA, freezes CRA interest, stops collection action, and can actually reduce the principal tax debt.</p>
<p>Don’t wait until the self-employed tax deadline.</p>
<p><strong>Call us today for a free consultation at 1-888-890-0888 or visit us online at <a href="http://www.debtcare.ca" target="_blank" rel="noopener">www.debtcare.ca</a>.</strong></p>
<p>The post <a rel="nofollow" href="https://www.debtcare.ca/2017-tax-deadline-for-sole-proprietors-right-around-the-corner-are-you-prepared/">2017 Tax Deadline for Sole Proprietors Right Around the Corner – Are You Prepared?</a> appeared first on <a rel="nofollow" href="https://www.debtcare.ca">DebtCare</a>.</p>
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		<title>CRA Penalties, Interest, and More – What to Do if You Will Miss the 2017 Tax Deadline</title>
		<link>https://www.debtcare.ca/cra-penalties-interest-and-more-what-to-do-if-you-will-miss-the-2017-tax-deadline/</link>
		
		<dc:creator><![CDATA[admin]]></dc:creator>
		<pubDate>Wed, 28 Mar 2018 14:45:26 +0000</pubDate>
				<category><![CDATA[2017 income tax deadline]]></category>
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		<category><![CDATA[Canada Revenue Agency Collections]]></category>
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		<category><![CDATA[2017 Income Tax Deadline]]></category>
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		<guid isPermaLink="false">http://www.debtcare.ca/?p=6506</guid>

					<description><![CDATA[<p>The 2017 income tax deadline is nearly a month away. April 30, 2018 is the date you must file by or be subject to Canada Revenue Agency (CRA) penalties, interest, and possibly collection action. Tax time can be a source of stress — gathering your receipts, filing your return, and worrying about whether you’ll owe [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.debtcare.ca/cra-penalties-interest-and-more-what-to-do-if-you-will-miss-the-2017-tax-deadline/">CRA Penalties, Interest, and More – What to Do if You Will Miss the 2017 Tax Deadline</a> appeared first on <a rel="nofollow" href="https://www.debtcare.ca">DebtCare</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><img decoding="async" class="size-full wp-image-6507 alignright" src="http://www.debtcare.ca/wp-content/uploads/2018/03/cra-penalties-DC1.jpg" alt="" width="189" height="180" />The 2017 income tax deadline is nearly a month away. April 30, 2018 is the date you must file by or be subject to Canada Revenue Agency (CRA) penalties, interest, and possibly collection action.</p>
<p>Tax time can be a source of stress — gathering your receipts, filing your return, and worrying about whether you’ll owe can be a hassle that’s tempting to avoid. But like it or not, paying taxes is something that can’t be avoided and if you attempt to do so, the stress and consequences will only be worse.</p>
<p>Consider this case, reported on the CRA website. On December 4, 2017 a Cobourg, Ontario man was sentenced to a fine of $97,173 after pleading guilty to two counts of tax evasion for failing to report income on his personal tax returns from 2006 to 2007. This court-imposed fine is only one part of what he must pay. He also has to pay the full amount of tax owing (an additional $97,173) PLUS related interest and any penalties assessed by the CRA.</p>
<p>This is a cautionary tale, but it’s also not uncommon. Between April 1, 2012 and March 31, 2017, courts have convicted 408 people for CRA tax evasion. This involved $122 million in federal tax evaded and court sentences totaling approximately $44 million in court fines and 3,103 months in jail.</p>
<p>If you’re worried you’ll miss the 2017 income tax deadline, here’s what to do instead:</p>
<ol>
<li>File Before April 30, 2018</li>
</ol>
<p>If you’re owed money and you don’t file before the 2017 income tax deadline, you’ll just have to wait longer for your refund — and who wants that? Even if you’ll owe a tax debt, it’s better to file before the deadline to avoid CRA penalties.</p>
<p>Interest begins accumulating on your tax debt on May 1, 2018 at a daily compounded rate. And on top of the interest, you’ll have to pay the CRA late-filing penalty.</p>
<p>The CRA late-filing penalty is 5% of your 2017 balance owing, plus 1% of your balance owing for each full month your return is late to a maximum of 12 months. And if you’ve been charged a late-filing penalty in a previous year, you could be charged 10% of your balance owing, plus 2% for each full month your return is late for up to 20 months. That’s a lot of extra money to pay on top of the balance you already owe. It’s in your best interest to file by April 30 and avoid the CRA penalties.</p>
<ol start="2">
<li>Make a Plan to Pay</li>
</ol>
<p>If you can afford it, paying your tax debt in full is the best option for avoiding CRA penalties. Look at your budget and see where you can save to pay the tax debt.</p>
<p>If you absolutely can’t pay in full with your current income, you may have other options available to you. For example, if you own a home with equity available and have good credit, you could be eligible for a home equity loan, which would allow you to pay off your tax debt and then pay your loan off over a fixed repayment schedule. If you don’t own a home, or don’t have equity available, there could be other lending options that you can access.</p>
<p>Don’t share your income and expenses with CRA. Get a plan together first.</p>
<ol start="3">
<li>Seek Professional Help</li>
</ol>
<p>If you’re going to miss the 2017 income tax deadline because you can’t pay your tax debt, even with a loan, consult a financial professional. Debt counsellors can help you go over your options, see what options are available to you, and help prevent or stop CRA collection action. Burying your head in the sand isn’t going to change your situation and will actually make it worse. If you’re not sure what to do, a professional debt consultant can help you find the way.</p>
<p>DebtCare Canada can help you avoid the consequences of CRA penalties.</p>
<p><strong>Call us for a free consultation at 1-888-890-0888 or visit us online at <a href="http://www.debtcare.ca" target="_blank" rel="noopener noreferrer">www.debtcare.ca</a>.</strong></p>
<p>The post <a rel="nofollow" href="https://www.debtcare.ca/cra-penalties-interest-and-more-what-to-do-if-you-will-miss-the-2017-tax-deadline/">CRA Penalties, Interest, and More – What to Do if You Will Miss the 2017 Tax Deadline</a> appeared first on <a rel="nofollow" href="https://www.debtcare.ca">DebtCare</a>.</p>
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		<title>The 2017 Income Tax Deadline is Right Around the Corner – Will You Owe?</title>
		<link>https://www.debtcare.ca/2017-income-tax-deadline/</link>
		
		<dc:creator><![CDATA[admin]]></dc:creator>
		<pubDate>Wed, 28 Feb 2018 14:09:53 +0000</pubDate>
				<category><![CDATA[2017 income tax deadline]]></category>
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		<category><![CDATA[2017 Income Tax Deadline]]></category>
		<category><![CDATA[Canada revenue agency]]></category>
		<category><![CDATA[cra collections]]></category>
		<category><![CDATA[CRA late filing penalty]]></category>
		<category><![CDATA[tax debt]]></category>
		<category><![CDATA[Tax Help]]></category>
		<guid isPermaLink="false">http://www.debtcare.ca/?p=6490</guid>

					<description><![CDATA[<p>The 2017 income tax deadline is looming — April 30, 2018 to be exact. Are you ready? There are two scenarios that can happen if you miss the 2017 income tax deadline. Scenario #1 —  you are owed money on your return. If you wait to file, this means you’ll have to wait longer to [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.debtcare.ca/2017-income-tax-deadline/">The 2017 Income Tax Deadline is Right Around the Corner – Will You Owe?</a> appeared first on <a rel="nofollow" href="https://www.debtcare.ca">DebtCare</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><img loading="lazy" decoding="async" class="size-full wp-image-6491 alignright" src="http://www.debtcare.ca/wp-content/uploads/2018/02/2017-income-tax-deadline-sm.png" alt="" width="189" height="180" />The 2017 income tax deadline is looming — April 30, 2018 to be exact. Are you ready?</p>
<p>There are two scenarios that can happen if you miss the 2017 income tax deadline.</p>
<p>Scenario #1 —  you are owed money on your return. If you wait to file, this means you’ll have to wait longer to receive your refund — and why would you want to wait to get money back?</p>
<p>Scenario #2 — You’ll owe a tax debt.</p>
<p>If you owe a tax debt and miss the 2017 income tax deadline, not only will you still owe, but also that debt will continue to grow bigger the longer you wait. The Canada Revenue Agency (CRA) late filing penalty means interest builds up at an alarming rate. The CRA can begin charging compound daily interest on May 1 on any unpaid amounts owing for 2017. And then there’s the late-filing penalties.</p>
<p>The CRA late-filing penalty is 5% of your 2017 balance owing, plus 1% of your balance owing for each full month your return is late to a maximum of 12 months. And if you’ve been charged a late-filing penalty in a previous year, you could be charged 10% of your balance owing, plus 2% for each full month your return is late for up to 20 months. That’s a lot of extra money to pay on top of the balance you already owe.</p>
<p>So, what can you do instead?</p>
<p>First, if you’ll owe a tax debt, even if you can’t pay the full balance owing on or before April 30, 2018, file your return on time. As we outlined above, if you miss the 2017 income tax deadline, you’ll only be subject to more fines and penalties, which doesn’t help anyone.</p>
<p>Second, you’ll have to deal with the tax debt itself. Even when you file on time, you’ll still need to pay the tax debt. If you can pay it off in full when you file, do that. This will solve the problem before it starts and is the ideal scenario.</p>
<p>If you file, but don’t pay the debt, the CRA will levy collection action against you, which could include a frozen bank account, wage garnishment, and even a lien on your property or other assets. It is in your best interest to pay your tax debt, even if you need to look into financial options to afford it.</p>
<p>Remember, filing your taxes late and not paying your tax debt are two of the worst things you can do for your financial standing. There are better options available that can help you meet the deadline and make your payments.</p>
<p>If you’ll owe a tax debt, but can’t afford to pay, DebtCare Canada can help you assess your options. Contact us for a free consultation before the 2017 income tax deadline by calling 1-888-890-0888 or visit us online at <a href="http://www.debtcare.ca">www.debtcare.ca</a>.</p>
<p>The post <a rel="nofollow" href="https://www.debtcare.ca/2017-income-tax-deadline/">The 2017 Income Tax Deadline is Right Around the Corner – Will You Owe?</a> appeared first on <a rel="nofollow" href="https://www.debtcare.ca">DebtCare</a>.</p>
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