Tax Remittance Season
The Tax Season is upon us, and with the craziness of the season, we tend to forget a few things.
Well, forgetting to Remit your Taxes will get you in 'hot water' so to speak.
The Tax that is collected but Willfully not Remitted or Security Willfully not paid to the Province, the Taxes collected are deemed funds held in trust for the province. Generally, a 100% penalty will be applied if you have collected tax and willfully did not remit it.
There is also, generally, a 100% penalty if you collected tax or received security on fuel or tobacco and willfully did not remit the tax or pay the security.
Penalties are steep if you do not follow the rules, or when you take money owed to the government when collecting it and not remitting it to them.
So careful and remember to complete all required/ applicable tax filings!