It helps you keep your eye on the prize. A budget helps you figure out your long-term goals and work towards them. If you just drift aimlessly through day to day business without a clear direction, then how will you know if you have met your goals?

It would be like getting in your car to set off to a sunny warm destination without a road map…you may get there eventually, but you may have used up most of your resources and become extremely frustrated by the time you arrive.

A budget forces you to map out your goals, save your money, keep track of your progress and make your dreams a reality. It allows you to make proactive choices in your business and ensure proper cash flow is available when you need it.

The Canada Revenue Agency (CRA) collects a significant amount of money in penalties and interest from taxpayers – both individuals and businesses. Unfortunately, often times these fines could have been prevented but are incurred simply because many Canadians are not fully alert of their obligations and deadlines.

Below is a list of 5 of the most common ways that can result in penalties from the CRA:

1. Not filing GST/HST paperwork on time.

2. Not making monthly installments for corporate income taxes.

3. Not filing taxes within 3 months after the business year-end.

4. Late payroll remittances.

5. Not filing personal income taxes.

These are only some of the ways in which the CRA can enforce penalties on taxpayers. While the CRA has designated legislation to assist taxpayers with cancelling and/or waiving penalties and interest charges (often referred to as Taxpayer Relief Provisions), it is important to recognize the powerful measures that the CRA can take to collect tax debts, including but not limited to the garnishing of wages, seizing of assets, or taking legal action on tax arrears.

Contact the Solutions Plus team today to see how we can help with government remittances,including source deductions, GST/HST filing, as well income tax returns. Our team is experienced with the Canada Revenue Agency’s complex processes and strict deadlines. We ensure the accurate calculating and timely filing of all CRA remittances, giving you peace of mind whilst helping you avoid any unnecessary penalties and interest.

Call us today at (705) 730-1370.

For more information on the CRA’s interest and penalty guidelines, please refer to the following government resources:

Individuals & Families:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/ntrst/menu-eng.html

Businesses:
GST/HST – http://www.cra-arc.gc.ca/gsthstpenalties/
Payroll – http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/hwpyrllwrks/pnlty/menu-eng.html

Taxpayers Relief Provisions:
http://www.cra-arc.gc.ca/taxpayerrelief