Frequently Asked Questions About Taxes
It’s essential to plan for taxes throughout the year and not wait until the last minute, as it will allow you to mitigate financial risk, streamline the process, and devise strategies to reduce your liability. However, when it comes to taxes, there are many questions clients have but may find it tricky to get all the answers they’re seeking. So, to ensure you have all your doubts cleared, Roche Financial Group wants to equip you with relevant information. To do this, we have answered some of the most frequently asked questions about taxes.
1. Is there an advantage in filing taxes early?
The advantage of filing taxes ahead of time is that you will get your refund sooner, which will improve your cash flow.
2. I can’t afford to pay my taxes this year. What should I do?
If you can’t afford to pay your taxes this year, it’s okay. The Canada Revenue Agency (CRA) may accept special payment arrangements with a reasonable explanation about why you can’t pay.
3. What are CRA penalties?
CRA penalties are fees that have to be paid as a punishment for late filing, failure to report, and false reporting. These can soon add up, so it’s essential that you take professional guidance.
If you have any more questions about filing taxes, get in touch with the experts at Roche Financial Group.
As leading tax accountants in Toronto, we have over fifty years of experience in providing full-service financial planning, taxation, and accounting services to families and businesses throughout Ontario. We are here to ensure that our clients’ financial affairs are handled thoughtfully, focusing on the years ahead while minimizing the tax liability in the present.
Our clients’ financial well-being is the driving force behind our team’s work. Therefore, we are committed to guiding them with intelligence and integrity.
We serve clients across Toronto, Belleville, Bowmanville, Orangeville, Oshawa, Pickering, Whitby, Trenton, and the surrounding areas.