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Level 2
posted Mar 31, 2022 2:29:23 PM

I made 60k stock trading last year but I'm broke right now, should I skip this tax year?

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 

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1 Replies
Level 4
Apr 10, 2022 3:36:59 PM

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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