Responsible business owners always act in good faith with Canada Revenue Agency’s regulations and to ensure that they are setting enough money aside to pay government remittances and tax liabilities when they come due. Unfortunately, due to unforeseen circumstances, there could be a situation where you are simply unable to make scheduled payments, or perhaps, your business becomes the subject of an audit and you need the help of a business accountant who has experience negotiating with Canada Revenue Agency.
Receiving an unexpected large tax bill or incurring penalties as the result of an audit with an immediate demand to pay can be a serious threat to the future of a company. CRA does have the power to freeze bank accounts however in most instances, reasonable repayment schedules that result in the tax liability being repaid while not crippling the company financially in the interim can be negotiated with CRA.
While it is possible to successfully negotiate your own payment schedule, there are some good reasons why you want a professional to work on your behalf.
Many business owners’ time is better focused on the day to day operations of their business rather than dealing with the stressful situation of negotiating with the Canada Revenue Agency and lost time “on-hold” and trying to determine exactly how much they can afford to pay and on what schedule. Professional business accountants such as Gary Landa and his team are experienced in the negotiation process and can remove this burden for you by conducting the negotiations in a professional and timely manner.
A professional may negotiate more reasonable terms. Your business accountant will review your financial situation with you before working out a payment plan to help ensure that the plan is manageable for you.
Once we negotiate a reasonable payment plan for you, we can continue to work with your business to ensure accurate bookkeeping as well as to provide valuable tax and business planning advice that will help keep you on track and avoid future situations in which you are at risk of falling behind in your CRA payments.
If you are a business owner and require the help of a professional to negotiate with CRA on your behalf, give us a call today. Your first consultation is free.