Late-filing penalties and arrears interest on taxes owing are costly
Other firms are rushing to set up back-office systems and internal procedures for the account
Budget items include an expanded Guaranteed Annual Income System and a promise to review tax system
No new taxes, smaller surpluses predicted over next three years
The taxpayer's penalty for filing foreign account forms late was reduced to $50,000 from $2.72 million
Clients may not know they’re obligated to file, and there is no cap on penalties for late filing if taxes are owed
Liberals said they will release details about the 2% tax in Budget 2023
Client overcontributed, had income below basic personal amount
Clients who miss interest payment deadline risk losing an income-splitting opportunity
The union said it would hold strike votes for about 35,000 workers that could affect tax season