Life is a long race, and the scenery you pass by is temporary in the long process of life. So how to correctly obtain wealth and keep it is actually a question worth thinking about. Canada's tax law is not static. Although the times have changed, technology has developed, many policy measures and supervision and management have changed a lot. How can we make the future days easier and richer? Today's efforts are very important.
Here I want to remind everyone that although CRA only wants to collect information through the T1134 submitted by tax residents every year, rather than levying taxes, if you do not file or file overdue, you will eventually be fined a sum that is so large that you will doubt your life. The reason why Lao Zhao can still happily go to the supermarket to catch crabs, assuming that there is no problem, is because CRA considers that tax inspections are costly, and the seemingly calm every year is just a foreshadowing before the tsunami. According to the penalty amount of $500 per month and $12,000 per year, the amount of fines Lao Zhao has incurred in 8 years is really shocking, but fortunately, CRA has not found him yet, and he still has the opportunity to actively admit his mistakes and seek exemption from CRA.
