The thing is that there are a lot of different ways in which you can increase your chances of being able to avoid getting stuck with fraud problems with the CRA. This is a serious crime and one that is punishable in a variety of ways including that you are punished with jail time. It can be overwhelming and frustrating when you are attempting to be able to include these different things with your company and paying taxes just adds one more expense that you probably are not making enough money to cover.
Instead of just ignoring that you need to be paying your taxes a great option is for you to file a CRA tax relief form. This form is made especially for businesses that are just starting or might even be failing to be able to get relief from some of the taxes that are due in order to try and give them the time that is necessary to get up and running and become profitable. It can be a challenge in today’s failing economy to do well but if you are willing to put in the work and effort then it is likely that you will be able to get what you need and make the most out of your business. The hardest thing for many business owners is being able to pay all of the expenses. You have overhead, actual production costs, and possibly more employees to pay. Then you have your taxes which have to be paid on a regular basis and with a business can be quite high.
In fact many people fall behind when it comes to comes to paying their Canada Revenue Agency corporate tax payment. This is simply because these payments are expensive and eat up a major portion of the income that the business is making. So when your business is struggling and not making much then it can feel impossible to try and add in this one additional expense and to try and pay this one extra bill. A relief form can help you to lower these payments for a set period of time to payments that you can actually afford. It can also help you to be able to decrease the amount of money that you spend on other expenses while trying to get your business up and running.
Creating information products is often a great challenge. It's one of the many questions I often get: How do I create an information product? I don't know what to write about. Well, here are 2 easy formulas that I personally use to create my information products without bursting my brain cells:
Easy Formula #1: The "Tips" Formula
Simply take any topic that people need help with, and compile a set of tips. It can be 10 tips that you cover in detail, or 101 tips. Personally, I have found that the more tips you have, the more people will respond to your offer. People love having the power of choice, and giving something like 101 tips gives them choice.
Easy Formula #2: The Step-By-Step Formula
Another way is to take a set of tips and create a step-by-step formula or system that will help people achieve other goals. This should be a system you use yourself, and you know has given you results. Your steps could consist of 7 steps or even more than 20 steps. Then go through each step in detail, explaining how to do it. People love having a step-by-step plan as it makes things easier to do and follow. Again, I emphasize, this must be a system you use yourself to help solve the problem or achieve the goal.
So that's 2 easy formulas you can start using to create information products. Having these outlines make it easier to plan the creation of your information product. And even if you still can't write it, you have a plan to present to a freelancer to get the job done.
Quite frankly, no one really understands tax law -- probably not even the IRS. Yet there are people who specialize in specific parts of the tax law. That means that if you are dealing with arbitrage and arbitrage rebates, you will want to hire someone who specializes in the arbitrage laws. Not only do they go to school for this type of specialization, but they also spend their days steeped in the work that it takes to understand the laws, the consequences, and the precedents related to arbitrage. It is all very exciting for people who like that kind of thing, but it will probably never be made into a TV series.
The IRS is scary. They are the ones who caught Al Capone. The rest of the United States law enforcement agencies could not get Capone for murder, racketeering, or violating prohibition laws, but the IRS got him on tax evasion. That is crazy. So you know the IRS is not an organization to mess with. Hiring an arbitrage rebate specialist will ensure that you have the best chance at following complicated laws and that you will be forgiven for any sort of mistake. As scary as the IRS is, they are not heartless. You will still have to pay fines for mistakes, but they will be more reasonable than Alcatraz.