Posted by Support1 December 17 2013
Tagged Under : CRA Taxpayer Relief Toronto
What does CRA taxpayer relief involve? It is a kind of agreement which is negotiated between the CRA and the taxpayer in order to resolve a tax owing issue. In certain cases, the CRA will settle the tax liabilities by taking less tax than what would normally be due.
CRA taxpayer relief is normally granted to those taxpayers who have been affected by circumstances which may be extraordinary. These circumstances could be as a result of error on the part of the tax authorities; they could be due to taxpayers who have been affected by severe medical conditions; they could be due to natural disasters like flood or fire and they could also be due to some severe financial hardship on the taxpayers. If any of these conditions apply to you as a Toronto taxpayer, you could qualify and save money in interest or penalties.
CRA collection procedures are quite tough and stringent on tax defaulters. Before the CRA takes any action, you have to be proactive and take proper steps before your tax issues become a problem. You require the full support of competent tax professionals who can also negotiate CRA taxpayer relief package on your behalf.
These professionals can also help in the filing of tax amounts that are in arrears and when required, they will be able to help release a CRA bank freeze as well. Tax professionals are well versed in the rules of CRA taxpayer relief. They will take care of the assessment before negotiating as all clients cannot be eligible for the relief. It takes professional judgment to decide whether to proceed with CRA taxpayer relief.
Tax accountants understand the risks of not being prepared and that is the reason why they do not submit tax relief forms without due deliberation. A wrong submission concerning tax relief can lead to other tax issues with an unintended exposure to CRA agents. The application for CRA taxpayer relief demands tax expertise as information has to be presented in optimal terms so that the best settlement is obtained for the taxpayers. It cannot be treated as a simple form filling exercise. An application which is not prepared in order may destroy the chances of being eligible for taxpayer relief request.
A CRA taxpayer relief application can take a long time in being resolved. It may take anywhere from a quarter of a year to perhaps a full year and will require regular follow up with the CRA. Very few professional tax firms in Canada have the know how and necessary experience to handle a CRA taxpayer relief case while guiding the taxpayer through the entire process. These firms have to be well equipped and thorough with their homework and their research in these cases with each individual client.