Jeffrey M Lingard Chartered Accountant Professional Corporation
3 - 1434 Chemong Road K9J6X2 Peterborough, ON, Canada

The new sign is up!

Have you seen today's Peterborough This Week? I am proud to be named Peterborough's preferred accountant in the 2014 Reader's Choice Contest! Thank you to everyone who voted. This was really nice to see as my practice is still just under a year old.

Are you going to owe taxes but are going to be unable to pay them by your filing deadline? You should still file the return to avoid late-filing penalties. Late-filing penalties for a return are typically 5% of the balance owing at the date of filing plus 1% each additional month the return is late to a maximum of 17%. If you are late twice in four years the late-filing penalty doubles. Plus the penalty is not deductible for tax purposes. So file your return on time and don't pay late-filing penalties! You will still have to pay interest at an annual rate of 5% but at least you avoid paying more than you should. Contact your accountant to see if they can assist you if you are in this situation.