Feeling Guilty About Your Less Than Accurate Tax Return?
You have filed your taxes and you should be feeling great but you aren’t. If this is because you know that there were some things contained on your taxes that were not quite right, you might be feeling a few emotions. You might be feeling a little guilty because otherwise you are a honest person. Or, you might be feeling a little apprehension about getting caught regarding your inaccuracies.
There are a lot of reasons why some tax payers are less than honest on their tax returns. They could have been mislead by their tax preparers telling them that small tax transgressions go unnoticed. Or even a significant will squeak by tax agents. Then there are some who know if they fill out their tax return correctly they will end up owing money and can’t perceive any way of paying it. These people simply hope they won’t get caught. For others they just can’t stand the thought of paying what is due to the tax department and if they get caught then oh well they will have to suffer the consequences.
One of the most common methods used for cheating on a tax return lies within the business sector on any level and includes the claiming of expenses. Of course the CRA is well aware of this and makes it a priority to closely scrutinize this section of the returns.
It may not be too late to make amends. If you have fallen into the trap of filing a false return then play it smart and approach the tax department through their voluntary disclosure program before they approach you, which in that case it is too late and you will suffer the tax consequences.
You may be figuring this is a one time only occurrence for you but the problem is if you are caught and most likely will be that you will be red flagged by the CRA going forward in the future. It will mean close scrutinizing and you may find demands for more information each year you file. If the offence is serious enough you could end up with hefty fines and penalties and run the risk of being charge with tax evasion which is a serious offence.