Hi all!
So I made around 60k last year just trading from my own room, I didn't have any other job and made many transactions which makes me think I won't able to do capital gain taxes for 50% and I have to put it in as my business income meaning 100% tax on gains I do not have! Meaning i have to pay 16k on taxes which I dont have
What should i do? Should I skip this tax year and just do it next year? I still haven't send my file yet would i still get charged interest if I do my taxes next year!
Help please
If you don’t submit your tax return on time, the Canada Revenue Agency (CRA) will not only charge interest on any amounts that you owe but you will also be charged a late-filing penalty. Furthermore, filing late may cause delays to any benefit or credit payments that you may receive, such as the Canada child benefit (CCB) or the GST/HST credit. This CRA page has more information on what penalties you will face if you don’t file your tax return on time: Interest and penalties on late taxes
A better alternative than not filing your return would be to contact the CRA and set up a payment arrangement so that you can pay your taxes owing over time. This CRA page has more information on setting up a payment arrangement: Payments to the CRA - Arrange to pay your personal debt over time
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