How To Deal With CRA?
Did you forget to file your taxes or need a payment plan? It is always best to get in touch and deal with the CRA right away or, better yet, ask your tax professional to do it for you to ensure that you do not pay more than necessary.
Dealing With The CRA
So, couple instances, right now, we have a lot of people in the crypto market for example who made a lot of money last year owed taxes for last year. Unfortunately as the calendar
switched the years and tax filings got done we’ve seen a big drop in not only the crypto market but stocks as well. So some people are paying capital gains from last year but they don’t have the capital available to pay their tax bill because the markets have dropped a lot. In that situation what can we do?
Well, simple is to request the CRA. They will work with you that they will do some payment
arrangements. Typically, they want to see their balances paid within six months and they will continue to charge you interest but there are options available. So, always talk to a tax professional and they can walk you through the process, assist with negotiating with CRA and making sure you can actually pay your tax bills on time.