Dude that's just ignorant blahblahs. Bankruptcy protects you from creditors NOT the government.. won't help even if everyone of your family claims a bankruptcy on your behalf. LOL if it was so easy all the millionaires would just keep claiming bankruptcy all their lives.
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Sure - and agree
It never fails to amaze how people rarely consider taxation plans in advance - tho sometimes a greater than anticipated profit can result from projects and catch a taxpayer unaware.
On the other hand, there are so many totally crap conceptions about taxation, use of corps in other jurisdictions blah and ranging to silly ideas of tax fraud by plastic cards and other amateur schemes. There are plenty legal opportunties for Canadians (and most others - excluding the US problem) to have a sensible biz structure and comply with all taxation obligations in Canada.
PS Would also agree with WiredGuy on his last post. This is all best handled by a competent tax lawyer in Canada and let him negotiate with the revenue agency before this scenario turns more serious.Comment
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two thing you want to look into is the 100 k capital gains exemption not sure when it expired but if it was still valid in the at the time you failed to apply the taxes you might be able to claim it against that years income
second is the rrsp contribution the unused contribution is carried forward like 7 years and can be used to reduce your tax burden in high income years (assuming they are at the end of the cycle)
it won't balance out but it should help take the sting out of the I/P you have to pay.
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x582 knows his stuff. Your best bet right now, unless you want to kiss Canada goodbye for 7-10 years, is to file a reassesment of your backtaxes. Because you're willingly filing and paying the taxes, you might be able to negotiate a good deal on the penalties and interest with the CRA. You must get a tax lawyer to advise you ASAP. Every day you wait, you're risking more and more cash. If you get audited, the party is over because they won't be so kind anymore.Last edited by Eman - PG; 08-01-2007, 02:28 AM.Comment
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Have you called a tax attorney yet?XXXRewards - Karups - Boyfun - Jawked. Paying on time since 1997. Contact me at brent [at] xxxrewards.comComment
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Is corporate tax in Canada only 20%?
Of that 700k you'd probably be lucky to not owe them *more* than 700k when you take into account late filing and interest on money not paid.
You have two options:
1. Tax attorney
2. Leave Canada.Comment
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