To all the entrepreneurs, self-employed and anyone who’s ever felt the wrath of CRA’s favourite source of revenue – INTEREST & PENALTIES, I’m feeling you today.
Have you ever been charged interest because you didn’t make a payment on time?
Have you ever been charged a penalty because a form you’ve never heard of wasn’t filed?
Although the Singer Steinberg team spends the majority of our days helping and strategizing with group insurance planning, we’ve had the joy of fielding questions and helping many extremely hard working self-employed clients with the taxes and filings.
One commonality is that to start a business, you must register for a business number or for an HST number (if staying unincorporated). When you take this step, you’re registered very quickly and then POOF, the rest is up to you. So why doesn’t CRA recommend talking to an accountant or set up a resource center (that you don’t get a busy signal calling) to support the thousands of tax paying business owners?
When you get arrested, you have the right to remain silent and to an attorney, so maybe when you start a business, you should be given the right to an accountant? Same, same but different.