CRA late filing penalty even though they got the money on time - International non-resident cross border expert income tax &
:
Good Morning
David:
If a person were to
know that he/she could not
file their tax return by the deadline for the tax year in question, but did know
exactly what they owed in taxes and did pay this money prior to the filing deadline, does CRA
have the right to impose a late filing penalty even though they got the money on
time? Thank you.
DAVID
INGRAM REPLIES:
If your tax is paid, there is not even a real requirement
to file a tax return unless you receive a specific request from the
CRA.
If, however, you owe a couple of dollars, the law says you must file
a tax return.
I have never seen a penalty assessed against a late filed
return. However, filing a return late can count agaisnt you in the future
when you do owe tax,
Because you now have two (or more) late filed tax
returns, they can double the
penalty.
-----------------------------------
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Therefore, if an email is not answered in 24 to 36 hours, it
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expert US Canada Canadian
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This is not intended to be definitive but in
general I am quoting $800 to $2,800 for a dual country tax return.
$800 would be one T4 slip one W2 slip one or two
interest slips and you lived in one country only - no self employment or rentals
or capital gains - you did not move into or out of the country in this
year.
$1,000 would be the same with one rental
$1,200 would be the same with one business no
rental
$1,200 would be the minimum with a move in or out
of the country. These are complicated because of the back and forth foreign tax
credits. - The IRS says a foreign tax credit takes 1 hour and 53
minutes.
$1,500 would be the minimum with a rental or two in
the country you do not live in or a rental and a business and foreign tax
credits no move in or out
$1,600 would be for two people with income from two countries
$2,800 would be all of the above and you moved in
and out of the country.
This is just a guideline for US / Canadian
returns
We will still prepare Canadian only (lives in
Canada, no US connection period) with two or three slips and no capital
gains, etc. for $150.00 up.
With a Rental for $350
A Business for $350 - Rental and business likely
$450
And an American only (lives in the US with no
Canadian income or filing period) with about the same things in the same range
with a little bit more if there is a state return.
Moving in or out of the country or part year
earnings in the US will ALWAYS be $800 and up.
TDF 90-22.1 forms are $50 for the first and $25.00
each after that when part of a tax return.
8891 forms are generally $50.00 to $100.00
each.
18 RRSPs would be $900.00 - (maybe amalgamate a
couple)
Capital gains *sales) are likely $50.00 for
the first and $20.00 each after that.
Just a guideline not etched in
stone.
This from "ask an income trusts tax and immigration expert"
from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily
basis with expatriate tax returns with multi jurisdictional cross and
trans border expatriate problems for the United States, Canada, Mexico,
Great Britain, United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand,
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