Filing Taxes Years Late
Question: What to do if I’m late on filing taxes by 4 years?
I started to work in 2007 so I have T4′s for 2007-2010 but I haven’t filed my taxes yet. How do I go about doing them and what are the consequences in late filing
Answer: If they owe you money, it’s no problem. Get paper returns for all of the years, fill them in, and mail them in. There are no consequences to late filing a return when you’re getting a refund, except you did without your refund for a few years.
If you owe, there can be late filing penalties plus interest. You can make a “voluntary disclosure” for the returns for 2007 and 2008, in which case they won’t charge penalties, but you’ll pay interest. If you wait until after April 30th, you can also do a voluntary disclosure for 2009.
Tax preparers will also do prior year returns, but you should really be able to do your own returns. Just follow the instructions on the pages, and read the guide. There are also volunteer clinics where you can get help if you qualify. Call CRA’s general inquiries for info on that. Call 1-800-959-8281 and ask about the community volunteer income tax program in your area.
House overwhelmingly passes $14.6B budget
ANNAPOLIS — The House of Delegates on Thursday overwhelmingly passed a $14.6 billion operating budget that reforms pensions, restores a chunk of education cuts and raises several fees to generate tens of millions in new revenue. The House spending plan closes the state’s estimated $1.6 billion budget shortfall for fiscal 2012 without raising taxes but would [...]
Business Tax expert Eva Rosenberg
