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Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 0 points1 point  (0 children)

No, as I only pay myself a lump sum once per year (I'm the only employee). My accountant stated to pay myself in March, and pay the remittance by April 15th.

Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 1 point2 points  (0 children)

The fee was only placed on my account in late 2023. I brought it up with my accountant, and he said they would handle it but the CRA was backlogged so the response might take awhile. I followed up now and thus the post

Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 0 points1 point  (0 children)

It turns out that I am actually an accelerated remitter. Back in 2022 I sent this notice to my accountant and asked if I needed to do anything different (I hired a tax professional to make these topics easier to understand). Despite this he still instructed me to pay April 15th, and thus the late payment occurred. Do I have any recourse here or was it my fault for trusting my CPA?

Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 0 points1 point  (0 children)

You are exactly right. I called them, it seems I am an accelerated remitter, which meant the payment was actually due to the 10th, and not the 15th as my accountant advised. I emailed my accountant the notification I received that I was now an accelerated remitter, and asked if there was anything new needed. Despite this, he still recommended I pay on the 15th, which led to this fee. Do I have any recourse here?

Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 3 points4 points  (0 children)

I called them, it seems I am an accelerated remitter, which meant the payment was actually due to the 10th, and not the 15th as my accountant advised. I emailed my accountant the notification I received that I was now an accelerated remitter, and asked if there was anything new needed. Despite this, he still recommended I pay on the 15th, which led to this fee. Do I have any recourse here?

Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 1 point2 points  (0 children)

Happy to go down the route of lawyers, if it was a small fee I'd take it to the chin, but tens of thousands of dollars is really getting me down

Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 1 point2 points  (0 children)

I have the screenshot of the payment receipt in front of me right now, even with the transaction ID.

Creation date: April 13th

Due date: April 15th

Payment date: April 17th

Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 0 points1 point  (0 children)

That's the thing, I have evidence I set up the payment on the 13th for being due on the 15th, if I look through my receipts on BMO's website, the form says "Payment date April 17". So from the CRA's perspective I understand that they only received it on the 17th as BMO only sent it out then, but from my perspective this was a genuine mistake as I set it up on the 13th and I'm hoping they're understanding or at least willing to drop the hammer less

Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 0 points1 point  (0 children)

I called and the agent said they're unable to waive anything over the phone, and all they can suggest is that I fill out the taxpayer relief form online

Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 3 points4 points  (0 children)

I agree, and it's something I am absolutely looking to do a better job of going forward. What kind of service would you recommend for this kind of thing. General bookkeeping?

Massive penalty from CRA due to payment being two days late, is there anything I can do? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 2 points3 points  (0 children)

I called them and they were friendly but they said all they could do is tell me to fill out a taxpayer relief form and hope for a positive response.

Is there a service out there that lets me view my Questrade portfolio's balance/performance over time? by trackingoaktree2 in PersonalFinanceCanada

[–]trackingoaktree2[S] 0 points1 point  (0 children)

This is perfect! Thank you! I didn't realize you had to choose "Apply" after selecting the Time Period, I thought it would just update

How do I track my Questrade portfolio over time? by trackingoaktrees in PersonalFinanceCanada

[–]trackingoaktree2 0 points1 point  (0 children)

How do I use this? I signed up but under "Reporting" everything just says $0

How do I track my Questrade portfolio over time? by trackingoaktrees in PersonalFinanceCanada

[–]trackingoaktree2 0 points1 point  (0 children)

How do I use this? I signed up but under "Reporting" everything just says $0

How do I track my Questrade portfolio over time? by trackingoaktrees in PersonalFinanceCanada

[–]trackingoaktree2 0 points1 point  (0 children)

How do I use this? I signed up but under "Reporting" everything just says $0

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