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p6 triblijnej april141993 its your money revenue canada owes you nothing until you brian costello financial correspondent so ifs tax return time and you dont have the money is it time to make a midnight move or can you get off the hook by giving up your first born child well revenue canada is very understanding they understand the banking system they know you can borrow the money or sell assets or make golf club uury 47juteastofuxbridge great golf at the lowest rates annual membership 425 weekday membership 325 daily green fees from 17 newly renovated south clubhouse weekly specials seniors discounts free golf no green fees 1993 golf tournaments with the purchase of our wapt rm famous new york steak dinner buffet minimum 30 persons 2450 pp 2950 pp satsun 3450 pp illips esmm clip this coupon and receive 25 off your daily green fee 0mrexpresmff311993 gst extra othne for details 4276010 or 8527962 other arrangements for the money they know you will address the situation youd bet ter because it wont go away and the interest and penalties will be great if you dont do some thing about your situation by the way there are many canadians in the opposite posi tion they dont owe revenue canada any money so theres no urgency to file their returns its correct you do not have to file if you owe no money have earned no capital gains or have not received a request to file howev er its becoming increasingly more important to file a return to receive the social benefits that are offered us in addition this year for the first time revenue canada is not required to pay us any interest on rebates until after june 14 or the date on which you file your tax return whichever comes later so if you think you are stouffville taxi airport service umo service i corporate accounts 6406401 mobile 5801822 vets taxi stouffvilie corp 86 ringwood dr unit 34 bumper to bumper consult this page monthly for expert auto service for advertising information call the tribune 6402100 or 8529741 la f 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models 4 wheel alignment 6407098 458 service rd stouffville earning interest on the monies they owe you are wrong they dont owe anything until you file by the way we owe interest on our tax bill effective april 30 or sooner if we miss quarterly instalments but as mentioned they get until june 14 the real expense though can be with those who owe taxes but dont have the money to pay they often play ostrich hoping the problem will go away it wont in the past collection proce dures may have been slack but ottawa and the provinces are short of cash so theyve put some teeth into the rules to make sure we do pay as fast as possible if we dont its going to cost us if you owe money make sure you file on time even if you cant send the money you will still have to pay some interest but at least you will save some large penalties the penalty for not filing on time is 5 per cent of the taxes you owe if you owe 1000 you will be assessed 50 so you might as well get the paper work out of the way in addition you will be assessed one per cent per month interest on the outstanding bal ance including unpaid penalties for a maximum 12 months one per cent per month may not sound like a lot of money but dont forget that this interest is compounded daily that will increase a 10 per cent rate for example to more like 10 12 per cent in addition everybody should remember that these pay ments are not tax deductible that means that you have to earn as much as double that to have enough left over after taxes to pay this interest as a result you might be pay ing as much as 20 per cent in real interest costs on this outstanding money heres the rationale to get around these penalties if you know you owe the money but you cannot file for some reason you should try to guess the amount you owe and pay it even though you arent going to file the penalty for late filing is five per cent of what you owe but you wont owe much if any money this strategy will also save you the one per cent per month inter est penalty conversely if you have the information but no money it pays to file to avoid the five per cent penalty you will though still be assessed the one per cent per month interest charge if you dont have the money dont attach a cheque that wont clear you will be charged 10 on top of your bank charges and you will undoubtedly attract rev enue canadas attention you are better off attaching a short note explaining your difficulties and including post dated cheques some taxpayers would be better off adopting a different strategy for example is it cheaper to bor row the money from a conven tional lender to pay your tax bill is it better to cash investments to pay your bill yes i know that stocks and mutual funds have been doing well of late but canada savings bonds and term deposits yield less than you will pay on out standing tax bills it pays to cash interest bearing investments to pay your tax bill you save tax on the interest you would have earned and you save penalties and higher interest charges itpays to cash stocks and mutual funds avwell t