Putting off your taxes only makes the situation more stressful and expensive
Cindy Marques, a certified financial planner and the co-founder and CEO of MakeCents — a financial planning company in Toronto — works with a number of young small-business owners. And many of them feel doing their taxes has suddenly become much more complicated — with higher stakes.Article content
“There’s a lot of fear around that, even when launching into the business to begin with,” says Marques. “It kind of carries with them all year round, and really explodes around this time of the year.”But Marques says the only thing worse than having to deal with owing the CRA money is avoiding it. “At least if you file, you have all your cards on the table, you know what you owe, it’s one less unknown,” says Marques.“There’s no situation that isn’t solvable,” says Plamondon. “It’s important for people to understand they may think that they have the worst situation in the world, and that as soon as CRA finds out, they’re gonna go to jail, but that’s not the case.”
Another way of taking back some control when experiencing financial anxiety is to track your expenses. Marques points out the FP Canada report on financial stresses showed that while only 19 per cent of respondents felt that would help ease their stress, nearly double that amount did find it helpful once they picked up the habit.Article contentMarques and Plamondon say being prepared is the best approach to make the process less stressful.
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