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June 2015 Newsletter

You may have read other newsletters and reports about the federal Budget of April 21, 2015. If so, this newsletter will give you some new perspectives and ideas about the Budget proposals. And if not, there’s lots of new information for you here!

Some small business owners get busy running their business, and do not get around to filing their company’s corporate income tax returns until long after they are due. Of course, in practice the owner usually hires an accountant for this process; what the owner fails to do is get the business’s records in enough order to provide them to the accountant in time.

There are penalties for filing returns late: usually 17% of the unpaid tax once a return is 12 months late.

Double liability for the same corporate debt

In the recent Syed appeal, a company’s director and his sister-in-law ended up liable for the same GST debt of the company.

Syed and his brother ran an Indian restaurant in Montreal. Syed was the only shareholder and director of the company for the years in question. It reported losses year after year, and came to the attention of Revenu Québec (RQ), which administers the GST in Quebec.