According to Canada Revenue Agency, Canadian individuals and businesses owe $25 billion in overdue taxes to the federal government – enough to pay off more than half the national deficit if the money were collected.
According to the CRA, the biggest problem is believed to be among the self-employed and small and medium-sized businesses.
What’s the biggest obstacle to timely tax compliance? Accurate bookkeeping.
There are big consequences in not complying. While the government might not act like other suppliers, calling you up the day after an invoice is due, they have lots of other tools at their disposal which can make life much more unpleasant for you down the road.
Make sure your books and government remittances are up-to-date. It’s better for your business and your peace of mind.