Benefits that one can earn by the tax return funds

There are large numbers of ways which have been suggested by the expert professionals in the finance industry to use your tax refund savings. There are five ways which have been discussed here in this article which let you utilize your savings in a best possible way and in an efficient manner so as to have better financial security in the upcoming years.

Pay Down debt

Pay down Debt is considered as the most secure reason for getting higher returns than any other. This is the case if you possess the high-interest credit card debt. Paying all your tax return funding will surely result in a way which is much better to have greater returns. You can million of rupees by just paying off an extra debt. This is one of the options one can consider and utilize it.

Fund your savings

If you do not possess high interest card or debit card, then this is also one of the best option you can consider it while utilizing your tax return. You can every time put your funds of the tax returns into your emergency savings account. This saving account will provide you the necessary help every time you face difficult situations which can be recovered only with the help of finance. This account will not even allow you to lend money from any other external source such as borrowing money from credit card companies or taking a loan from Bank. This emergency saving account will never put you into the jeopardizing situation at the time of emergency.

Save for you betterment of life at the time of Retirement

Retirement is considered as one of the most important phase of the life. Investing your tax return fund into some retirement policy which will after retirement can provide you the better aspects. There are large numbers of policies initiated by the Government in regard with retirement. You can choose any one of them according to your desire and need.

Invest in Real Estate

Investing in Real Estate is the best and worth option for you in respect of investing your tax return fund. This is one of the best options in today’s scenario. It is already been discussed and suggested by the real estate professionals that after some years the homebuyers will receive the greater options in this regard due to the upcoming boon in the Real Estate industry. If you do not possess your own home and have dreamt about it, then it is the right time to consider them and fulfill your dreams and goals by buying or investing in the property that will pay high return.

Saving for your Children’s future

The first and foremost objective of every parent is to make their children’s future secure and bright and this can happen only if you invest money for their studies at the right time. You can any time start the savings account for your children’s higher studies and tuition fees.

These all options are very much beneficial for you and will help you to breathe in the safe atmosphere even at the time of crisis and emergency. So, invest your money at the right place and at the right time.

Bolton man fined for failing to file tax returns

Brampton, Ontario, August 21, 2012 … The Canada Revenue Agency (CRA) announced today that on August 17, 2012, Jim Payne, of Bolton, was fined a total of $12,000 in the Ontario Court of Justice in Brampton. Ontario. He pleaded guilty to five counts of failing to file personal income tax returns and seven counts of failing to file corporate income tax returns. He was given four months to pay the fine. All outstanding returns have been filed.

Mr. Payne failed to file his 2006 to 2010 personal income tax returns. In addition he failed to file the 2006 to 2008 corporate income tax returns for Pashin Holdings Inc., a real estate development company as well as the 2007 to 2010 corporate income tax returns for V2R Group Inc. which performs general contract consulting.

The preceding information was obtained from the court records.

In addition to the fines imposed by the courts, individuals or corporations convicted of failing to file tax returns are still obligated to file the tax returns and pay the full amount of taxes owing, plus interest, as well as any civil penalties that may be assessed by the CRA.

Taxpayers who have not filed returns for previous years, or who have not reported all of their income, can still voluntarily correct their tax affairs. They may not be penalized or prosecuted if they make a valid disclosure before they become aware of any compliance action being initiated by the CRA against them. These taxpayers may only have to pay the taxes owing, plus interest. More information on the Voluntary Disclosures Program (VDP) can be found on the CRA’s website at www.cra.gc.ca/voluntarydisclosures.

 

Beware of tax myths

Canadians and their tax advisers sometimes disagree with the CRA about the meaning of tax laws. These disagreements are normal and can be resolved.

However, over the past few years certain groups have begun publicizing incorrect and misleading advice about tax laws and the legal obligation to pay taxes.

People who accept such incorrect advice and fail to comply with the law could expose themselves to serious financial and legal problems. For more information, see Debunking tax myths.

The CRA and the Department of Finance Canada

When you’re searching government Web sites for tax-related information, your search will be easier if you’re aware of the different roles played by the CRA and by the Department of Finance Canada.

The CRA administers tax laws, but we don’t make or develop fiscal policies or tax laws.

  • As a rule, the CRA Web site is where you’ll find information about what the current tax laws say and how they’re interpreted and applied.

The Department of Finance Canada is responsible for federal tax policy and legislation. The Minister of Finance and Parliament decide on tax amounts and how to calculate them.

  • As a rule, the Department of Finance Canada Web site is where you’ll find information about proposed changes to tax laws, proposed tax cuts or increases, studies about the effects of taxation, and possible future tax policies. You may want to consult that department’s news releases and speeches.
  • Details of legislation proposed or enacted during the current session of Parliament are available on the Parliamentary Web site.

Tax legislation is also developed by individual provinces and territories (Provincial and Territorial Governments page, Canada Site).

You may also wish to consult the Government of Canada Newsroom and the Department of Human Resources and Skills Development News Room.