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CRA Debt Accountant

If you or your accountants try to call Canada Revenue Agency and work out a payment plan, CRA debt accountant will probably be willing to let you pay over time, but probably not over a period of greater than one year. They will also continue to charge interest during this period. Since you cannot pay as fast as required by CRA, it is likely that they will consider taking further action, such as contacting your customers to garnishee payments, or perhaps seizing your bank account.

CRA Debt Accountant

The right accounting firm can be a valuable business partner, not just another costly service for your personal use or your business. Some criteria should be established if you or your business would like to be as informed as possible when considering the selection of one.

CRA debt accountant can provide a particularly helpful relief to individuals and small businesses who are spending too much of their valuable time on their financial management and tax planning. The right accounting provider can be a valuable partner in the smooth operation of any business. However, with so many individuals and firms to choose from even in low population areas, the selection process can be an overwhelming one to take on. What follows are some important factors to take into consideration when selecting an accountant.

In a consumer proposal, a licensed trustee works with you to determine how much you can afford to pay each month, and then negotiates with your creditors to have the proposal accepted. In a consumer proposal, it is not necessary to get all creditors to agree to the deal. If more than half of the dollar value of creditors accepts the proposal, all creditors are bound by the proposal.

CRA Debt Accountant

Check the Accounting

If your refund is withheld, the CRA can tell you why. CRA debt accountant holders can access their Statements of Account via the online portal. If you are not a CRA My Account holder, contact CRA for a Statement of Account. The CRA will mail it to you at no charge. The Statement of Account will show all the amounts you owed to the CRA for the last several years, going back as far as you request, and all the amounts you’ve paid. If your refund was withheld because you owe taxes for a previous year, it will show in the Statement of Account.

When Can CRA Withhold?

The CRA can also withhold your refund to pay back debts that you owe to the federal government or any provincial government. If you owe money for provincial taxes, you can expect the CRA to hold back your refund and send it to the province instead. A taxpayer might be surprised to see from his Statement of Account that he’s been reassessed for an earlier taxation year and now he owes money. If you were reassessed without knowing it, there are measures you can take to get the situation under control, and even get back your money!

If your refund was withheld by the CRA for another reason, like a debt to the government or for unpaid child support, first make sure you really do owe the money. Mistakes happen, and it may take time and effort to correct the situation, but if the amount the CRA thinks you owe exceeds the withheld refund, then this will continue to happen in the future — your refunds will continue to be withheld until the debt is paid. If you do owe the money, the CRA’s collections department will work with you to come up with a payment plan, so at least everything will be under control for next year’s refund!

CRA Debt Accountant

Many individuals will simply need the basic services that an accountant offers, such as help with retirement planning or tax preparation. Other individuals may be dealing with more complicated issues like liens, bankruptcy or divorce. Someone who is self-employed will likely need advice on issues such as cash flow management or business valuation. Before meeting with potential accountants, take a careful look at your financial situation so you have a thorough understanding of your needs, and then prepare a list of questions you may have related to these needs. This preparation will help you to maximize the time you spend with potential accounting providers.

You’ll want to be open-minded when speaking with prospective providers – you will never know when they might recommend a service that you did not expect them to offer. It is not unusual for CPAs to continually offer a wide range of services, or to specialize in niche areas in order to better meet client needs. It is important to take an inventory of the essential services that you may need, but also to remain open to other services that are available to you that fall within your budget.

Look Here for getting more information related to Small Business Tax Accountant.

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