Professional Services Ltd.
Behind on Taxes in Canada? Here’s How to Catch Up on Unfiled Tax Returns
Many Canadians fall behind on filing their taxes. Sometimes it starts with a single missed year, and over time several years of returns remain unfiled.
Whether the situation involves personal income taxes, GST/HST filings for a sole proprietorship, or corporate tax returns, falling behind can create a lot of stress.
The good news is that in many situations, the Canada Revenue Agency allows taxpayers to correct up to the last ten years of tax filings and bring their accounts back into compliance.
Ryan Elliott Professional Services regularly assists individuals and business owners across Canada with catching up on late tax filings and restoring compliance with the CRA.
Common Situations We Help With
Many clients contact us when they are dealing with situations such as:
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Several years of unfiled personal tax returns
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Sole proprietorship income that was never reported
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Late GST/HST filings
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Corporate tax returns that were never submitted
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CRA notices or arbitrary assessments
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Accumulated penalties and interest
Each case is different, but in many situations there is a clear process to bring everything back on track.
How the Process Usually Works
When helping someone catch up on late tax filings, the process usually involves several steps.
First, we identify which years need to be filed and gather the available financial information. This may include income slips, bank statements, business records, and other documentation.
Next, the tax returns for each year are prepared in chronological order so the CRA can calculate the correct balances.
If penalties and interest have accumulated, we may also review whether a taxpayer relief request should be submitted to ask the CRA to reduce certain charges.
Once all returns are filed and the account is updated, many clients find that staying compliant becomes much easier moving forward.
Ongoing Compliance
For individuals and business owners who want to avoid falling behind again, we also provide ongoing services including:
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Bookkeeping
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GST/HST filings
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Payroll management
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Corporate tax returns
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Personal tax filings
Many clients prefer a monthly accounting structure where their financial reporting and tax obligations are handled consistently throughout the year.
Client Experiences
Many individuals who were several years behind on taxes describe a strong sense of relief once their filings are brought up to date.
Several clients have shared their experiences through reviews, mentioning how stressful the situation felt before addressing it and how much better they felt once their returns were completed and submitted.
Start Resolving Your Late Tax Filings
If you have fallen behind on filing your taxes, the most important step is simply starting the process.
Click the link to book a meeting or take the CRA Compliance Assessment below.
