Late Filing Penalties

Where to record CRA late filing penalties?

Where to record CRA late filing penalties?

What is the best account to record late filing penalties in or should there be an account designated specifically to this?



section divider



I usually create a sub account under Interest Expense and call it something like "CRA Interest & Penalties ... as they are not tax deductible ... they can however be offset by CRA interest income.

I discuss this in my article on "13 Items That Are Not deducible on Form T2125" (see items 5 & 6). You can find the article here:

https://www.bookkeeping-essentials.com/tax-deduction-checklist.html

Click here to post comments

Return to Small Business Bookkeeping.

Show / Hide

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.



SHORTEN
Your Learning Curve!

 
How to do MonthEnd | Month-End ProceduresLearn what to do after you have entered your data. Click on the image to learn more.



Join Me On Facebook

Help support this site by "liking" me! Here's where I post current information.

Listed Under Websites NOT Local Business.
This website is NOT associated with the business operating in Bonnyville AB.


A Handy Reference

 
Bookkeeping checklists that are a handy reference.Bookkeeping checklists that are a handy reference. Click on the image to learn more.