In business and life ignorance is never an acceptable excuse! Every week I’m here to let you in on financial implications in order to support your goals and financial well-being.  In our new series, “Ask Melanie” find out what happens when you don’t file your taxes.

Melanie, What Happens if I File My Taxes Late?

If you have a balance owing, a penalty is applied immediately based on your balance.  The penalty is 5% plus 1% for each complete month your return is late (to a maximum of 12 months).  If you are entitled to a refund, no need to worry, right?

Correct for this year, but don’t be late in any of the next 3 years because of your penalty will double! 

My advice: Best to play it safe and have your tax return prepared by the April 30^th deadline every year. If you made a mistake or run into unforeseen circumstances, not to worry please reach out. I would be happy to discuss your situation confidentially. There is no judgment, just solutions.

Have a tax or bookkeeping question for me? Leave a comment below or email with your question so we can feature your question and my solutions in an upcoming blog.

I provide a wide range of professional accounting, income tax preparation and consulting services including:

• Financial statement preparation
• Accounting and bookkeeping
• Personal Income tax preparation
• Estate returns
• Corporate Income tax preparation
• CRA audits and assistance
• HST and sales tax
• Business succession and valuations
• Business start ups

Let’s get started in three easy steps:

1. Learn more about me ⇨ Send me a LinkedIn connection invite
2. Send me an Email ✉ Send me a message at melanie@miltonaccountant.com
3. Call ✆ Give me a call locally at 905-875-4444

Get more advice from Melanie on her blog and connect with her on Facebook and Twitter as well!