Late Tax and HST Filing Consequences For personal balances including Federal and Ontario taxes plus CPP premiums, on a first late personal tax filing there is a penalty of 5% plus 1% per month for up to 12 months - - a 17% maximum. On a second late filing within 3 years, the base penalty is 10% plus 2% per month for 20 months or a maximum of 50%. Under s. 238 (1) of the Income Tax Act (ITA) Â you can be prosecuted in the criminal courts if you fail to file a return after receiving a formal demand to file in person which cites s. 150 (2) of the ITA and prescribes a deadline of from 30 days to 120 days to file the demanded HST and tax returns. Â You are liable, on conviction, to a fine of from $1,000 to $25,000 and imprisonment for up to 12 months When a count is laid in the Ontario Court of Justice for each tax and HST not filed, the Assistant Crown Attorney usually accept a guilty plea with the minimum $1,000 fine for each charge which would be 6 counts if you owe 3 HST and tax returns - - $6,000. If you do receive the notice to file, get your tax and HST returns prepared and filed before the deadline or you may be prosecuted Ravinder Makkar Chartered Professional Accountant, Certified General Accountant 905-791-666
Posted on: Sun, 11 Jan 2015 20:12:45 +0000
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