Interest and penalties

Interest and penalties

If grandma gets a repeated failure penalty, it's going to be 10% federal and 10% provincial tax (yes, that 20%) of the income not reported, yes you read that right, it's not 10% of the tax owing, it's 10% of the income not reported.

If it's not paid, they'll guarnishee her bank account.

Time to organize grandma's financial affairs? Long before she starts receiving those kinds of penalty notices.

My new guidebook, with a revised title, How to 'jump-start' your tax preparer, formerly called Financial and Tax Literacy GuideBook, is found on my shopping cart.

Coming soon, downloadable Word formatted forms to complete your due diligence.