How to adjust my prior year’s mistakes?
In this case, you cannot file tax return again of that year(s). You have to do your T-1 adjustment and send it to CRA by post.
What documents do I require for tax filing if I am a self-employed?
For a self-employed tax return, you need to keep all the bank statements, your income slips, and all the invoices (expenses receipts) related to business. When you have a car and you are using it for your business, you have to preserve fuel, repairs and maintenance, lease payments (if applicable) and other vehicle related expenses.
What happen if I don’t submit my corporate tax returns or pay taxes?
It is your responsibility to submit your tax return and pay taxes (if applicable) within due date. If your corporation is tax owing and does not pay the balance owing, CRA may freeze your bank account, garnish your receivables and even can put a lien on your property. They can also put you on a trial through the courts.
After filing my tax return, can I get help from LEAD Tax & Accounting if I am audited by CRA?
Yes, we are always with you once you are our client. We will handle any and all questions from CRA and will explain how we prepared your tax return.