If you are living in Toronto and face some tax problems with the CRA (Canada Revenue Agency) , such as unfiled tax returns or tax owing,  a Toronto tax accountant can guide you in resolving your tax problem effectively.

The Income Tax Act is complete with income exclusion rules, important tax credits and rules on investment that could be missed out if you are trying to file your taxes by yourself. If there is no sufficient knowledge and experience, it may end up with miscalculations and cause back fire few years down the road when CRA catches the mistakes. The CRA’s penalties and interests can amount to the thousands. Tax service with a Toronto tax accountant can become a powerful resource in saving that money.

If you have filed tax returns and are owing taxes to the CRA, you may want to negotiate with the CRA for a tax payment plan before any legal actions taken by CRA collection agents, there are a couple of things that you have to keep in your mind. First, you are dealing with a bureaucratic set up when it comes to CRA collection that means time consuming dealing with CRA.  The second thing that you have to keep in mind is that you cannot rub the Toronto CRA on the wrong side. Getting help from specialized Toronto Tax Accountants can help you dealing with CRA with much greater chance of success.

You have to be armed with a reasonable plan of defense when it comes to negotiating with a CRA collection agent. The Toronto CRA may accept a payment plan if you are not in a position to pay your taxes in full. The most important step you can take in this direction is to get help from specialized Toronto tax accountants who will help you get all relevant documents ready to prove that you cannot pay the tax in full.

A Toronto tax accountant can help you to prepare proof to show that you do not have any assets or sufficient savings to pay your taxes. The agent will also take into account that you do not have any collateral which you could pledge against while taking a loan to pay your taxes.  Specialized Toronto tax accountant will help you to compile a list of all assets that you possess which could be deemed as possible collateral by the financial institutions against a loan made out to you. If you have enough savings or assets, then you have to prove to CRA, that it is not going to be convenient to liquidate your assets to pay off the taxes, with a plausible explanation. Tax accountants can help with a successful tax payment plan to avoid further legal actions from CRA collection agents.