Fear and the Canada Revenue Agency
Tax specialist and entrepreneurial coach Bron Vasic joins Dave and Reb this week to encourage listeners to think clearly about paying taxes, being compliant with the Canada Revenue Agency (CRA), and filing taxes on a yearly basis.
Often people are afraid of CRA because they have avoided filing their tax return for a number of years, and then they have no clear path or understanding of what they owe, or what CRA could owe to them. Bron says it is important to file this year, even if you haven’t filed in other years, because you will avoid paying a financial penalty for 2018.
“Filing tax returns is an important part of our responsibility as Canadian citizens,” Dave says, and echoes the idea that it takes humility to admit we haven’t been compliant and we need to make things right.
Getting over our fear is an important part of this process, as is seeking help from a professional. Bron suggests getting educated about CRA and where you stand. He suggests getting an online account with CRA, making a plan to file taxes, and then once you find out how much you owe, creating a repayment plan.
Bron says it can feel a lot like climbing Mount Everest. If you don’t start climbing, however, you will never get to the top.
“Do nothing is not an option,” he says. “The mountain just keeps getting bigger.”
Tune in to their conversation.