As the year draws to an end lots of people like to start the New Year with a fresh start. This often means trying to clean up loose financial ends. Perhaps you have an outstanding tax debt and you really don’t have the funds to clear up your account with the CRA, but you at least would like to face this problem head on and find some solution. Living in dread of knowing that the tax department could come after you at any time is not pleasant.
Why not make an approach now to this Government Agency and work out a plan that can help you get this tax burden off your back. As you know with the year ending it also means the end of another tax year which you are now going to have to file your tax return on. Even if you suspect that you are going to owe again this year, by not addressing your delinquent tax matter you are just going to compound the problem with mounting interest and penalties.
What you may want to do is set up an appointment immediately with your Toronto tax accountant so you can get your current taxes done early instead of leaving it to the deadline. This way you will know exactly what you owe for the current year’s taxes. You can review your previous taxes that are outstanding. This professional can assist you with the process of how to approach the CRA to start addressing your previous tax outstanding.
Most people think that the CRA can be very difficult to deal with, and this can be in true in some circumstances but it is usually when they have to come after you for what is owed to them, instead of you taking the first step and approaching them.
Sometimes working out the details of a payment plan can be difficult and if you feel that you are facing the tax department all alone it can be intimidating. By having a tax accountant to assist you with the process it is not so nerve wracking. These experts know what the basic policies for payments are with the CRA. You may find that you will even need the help of a tax lawyer, but if this is the case then your professional accountant can advise you of this as well based on their experience with dealing with the CRA.
Why not give me a call here at Toronto Accountant and let’s start the New Year off right by getting your tax matters in order.
