Unpaid Back Taxes in Burnaby

Accountants-BC Ltd. takes the financial hardship and stress out of owing back taxes. We employ all of our resources and draw from our years of experience to help you navigate your way to a debt-free future. We provide professional tax law representation for individuals and businesses with unpaid back taxes throughout Burnaby. Call now.

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What Are Outstanding Back Taxes?

Unpaid back taxes refer to taxes you owe to the government that you haven’t paid by the deadline. These taxes can be federal, provincial, or municipal.

How Far Back Can the CRA Go for Unpaid Taxes?

10 years is the standard timeframe for collecting unpaid taxes, but it doesn’t guarantee that the CRA won’t pursue older debts beyond 10 years. In rare cases, with significant tax debts or situations involving fraud, the CRA may take legal action to collect outstanding taxes even after 10 years.

Even if it’s been over a decade since your missed tax filing, it’s still beneficial to file your return.

Filing allows you to:

Claim any potential refunds you might be owed.
Potentially reduce penalties and interest charges that accrue on unpaid taxes.

How Can You Reduce the Penalties for Not Paying Outstanding Taxes?

It’s possible to minimize penalties for missed tax payments by working with one of our tax advisors. We help you make the most of deductions and opportunities to reduce your financial burden. If you can’t pay your entire tax balance by the deadline, contact the CRA as soon as possible. They offer various payment arrangement options to help you manage your debt.

Can You Set Up a Payment Plan With the CRA?

The Canada Revenue Agency understands that not everyone can pay their tax debt in full immediately. They offer various options to help you manage your back taxes, and one of the most common solutions is setting up a payment arrangement.

Knowing you have a structured plan to repay your debt can alleviate the stress of owing back taxes. We work with you to establish realistic repayment terms and help you uncover opportunities for debt minimization through missed tax credits and deductions.

Accountants-BC Ltd.’s Unpaid Back Tax Services

Leverage our unpaid back tax services for guidance on taking care of your outstanding CRA debts.

Look to us for:

Tax return preparation and filing
Negotiating with the CRA
Payment plan development
Debt analysis and optimization
Audit representation

What Should You Do When You Owe the CRA Back Taxes?

Owing back taxes to the CRA can feel like a dark cloud hanging over your head. The weight of the unknown—how much you owe, the penalties, the possibility of CRA collections—can be incredibly stressful and lead to sleepless nights. It’s natural to feel unsure of where to start.

Remember, avoiding the situation won’t make it disappear. Take a deep breath and focus on taking the first step. Gather your documents, file your overdue returns, and contact the CRA. There are options available—you don’t have to face this alone.

Which Documents Will You Need to File a Late Tax Return?

Make sure you have all the information you need to file your late tax return. The following checklist will help you stay on track.

Here’s what you’ll need:

Social insurance number
Government identification
T4 employment income slips
T5 investment income slips
Medical expense receipts
Charitable donation receipts
Educational program receipts
Previous tax returns (if applicable)

In-Depth Consultations with Your Tax Lawyer

When you give us a call, we’ll set up a one-on-one consultation with a tax lawyer at your earliest convenience. During your initial consultation, we’ll assess your financial position and determine the best course of action for your unique situation.

Our team is made up of seasoned professionals committed to reducing tax debt whenever possible. Rest assured, our tax representatives handle sensitive and confidential matters with compassion and professionalism. You can count on us to provide direct, honest, and expert advice.

We’re experienced in providing effective representation for cases of all types, from non-filed returns to filed returns with incorrect information. Our defense strategy will vary depending on the situation. However, with every case, our goal is to minimize and avoid penalties, interest, and prosecution.

Filing Back Taxes with Accountants-BC Ltd.

We’ll start with a thorough assessment of your files. We want to make sure the amount of debt the tax authority assigns you is accurate. When we’ve determined your precise liability, we’ll work with you to remedy discrepancies in your files and create a payment strategy. Sometimes, a lump sum is deemed immediately necessary by the authorities. Other times, we can arrange for a payback plan that extends over a longer period of time.

Rest assured, our tax professionals have your best interests at heart. We’ll act as a mediator between you and the government. We’ll give you regular updates on the progress of your audits and claims, and thoroughly explain your options at every step along the way. You can be confident we’ll fight relentlessly for maximum tax debt relief.

Seasoned Tax Representatives

Our accountants are renowned for their meticulous and thorough approach to tax law. We follow protocol with the highest degree of precision so that you can avoid fines and penalties wherever possible.

Tax law and policies are continually changing. That’s why our accounting firm carefully tracks recent industry developments to ensure our clients are always complying with the latest tax law regulations and are set up for maximum tax relief.

We have many years of experience in defending tax audits and back tax claims with our sound and rigorous representation practices. We also boast an extensive background representing both individuals and large corporations. No matter the scope of the case, with us, you’re in good hands.

Contact Burnaby’s Accounting Firm

Filing back taxes is a process that requires immediate action. High-interest rates and late penalties can inflate your debt very quickly, so it’s crucial to seek professional representation as soon as possible. Act now.

Call us today to speak to a professional about your options or set up an appointment.