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| *Ostroff, Fair and Company>>>Canada Taxes |
What will happen to my business if I do not pay my taxes on April 30th? |
Canada Customs and Revenue said they may have to take me to collection. What does that mean? Is this a serious question???? Come on man....you know that you have to pay your taxes, especially if you are self-employed. Ignorance is not an excuse that will work in a court of law..... You really need to know what you are getting into before running out and starting a business....really..... My advice is this. Whatever it takes to pay them off, short of taking an advance on your credit card at 30% interest rate, do it. If you owe them money, and the amount is not under contention, then they will get the money no matter how much pain and suffering or embarassment they cause you. It would be much easier to at least pay them on your terms. Do not under any circumstances avoid communications with them, that will only make matters worse, MUCH worse. Explain you situation, make arrangements to borrow the money to pay them, explain to them that this is what you are doing, and DO IT. Then you have the matter of paying off the loan, but at least it will be from an organization that expects you to pay if off over time. In future, set aside at least 10% of your income in a bank account to take care of these surprises. You will get no sympathy from Canada Customs and Revenue if it happens again. Best of luck. |
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