If you file on time and don’t have the money to pay CRA they charge interest, currently 5%. You can make arrangements to pay monthly. In the long run you are going to pay your taxes, so why pay exorbitant penalties and interest on late filing. 3 Ignoring correspondence from CRA. 4 Doing your own taxes. Many small businesses keep terrible records. This is not a good idea for two reasons. One, how do you know how your business is doing if you don’t keep track of sales and expenses? The Notice of Assessment...
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