Posted by Support1 December 02 2013
Tagged Under : Canadian Tax Problem, cra tax problems, Tax problems
One of the most common tax problem for Toronto taxpayers or other region taxpayers is the unfiled taxes. Remember that filing your taxes is important and must be done on a yearly basis to avoid tax problems with the CRA. They have the ability to freeze your HST and the child tax credits if they deem it necessary. They can also freeze bank accounts and garnish your earnings all of which can make life difficult for you. Interest and penalties can also be assessed until such time as your taxes are settled in full.
Another common tax problem is the tax owing problem. If you owe taxes and can not afford to pay in relatively short period, it is possible to work out a payment plan with the help of your tax accountant. A payment plan can help save you interest charges and penalties and in some cases. Sometimes your tax penalties can be cancelled. Each situation is looked at on a case by case basis. If you have ever experienced any serious ailments, loss of employment or even natural disasters, there is a good chance theCRAmay look at alternatives to help you reduce your owing and potentially work out a payment plan.
Some tax problems that can arise can be in the form of fines, penalties and in extreme cases, imprisonment. Tax evasion is considered a serious criminal offence inCanada. Concealing income or falsifying data when filing your tax returns can bring about this type of penalty.
If your tax problems involve tax owing, it is possible to negotiate a reasonable tax payment plan. An specialized tax accountant can help you to negotiate a tax payment plan that can be agreed upon and mutually beneficial to both and theCRA.
Tax problems can be overwhelming. With years of experience, professional tax accountants are there to help you navigate through the intricacies of Canadian tax law and help you reach the best possible solution to your tax problems.