What Should You Do If You Receive A Tax Reassessment Notice From CRA? Tax Audit and Reassessment in North York Ontario
If you have received the notice for CRA tax audit, then it is crucial to prepare for the tax reassessment notice as well. It is not something inevitable in every case, but there are situations where you may have to deal with this problem. The first thing you need to remember that, if required, the CRA can go back years to check your past tax returns at any time. So, even if everything has gone perfectly this time, there are chances that any previous year can become the reason for the reassessment. Therefore, if something like this happens, you will need professional help to handle the Tax Audit and Reassessment requirements.
Knowing about the scenarios – The first thing you need to decide is whether you are going to accept the notice and pay the amount or want to question the findings and the amount payable. In the first scenario, it is quite possible that, the amount you are to pay is a huge one. If you have the money, then there is nothing to worry about, but when you do not have the money, such a reassessment notice can turn into a huge problem. Not paying the money will mean accumulation of interest charges huge will make paying the amount harder than before. So, it is quite clear that, if you receive a reassessment notice, then the first step will be hiring a Tax Audit and Reassessment in North York Ontario professional to begin negotiations with the CRA and decide on a payment plan.
Trusting a professional – On the other hand, if you are not happy with the reassessment and want to challenge it, then it is possible to do so. After receiving the notice, you have 90 days to follow with a Notice of Objection, but that does not mean you should be doing that immediately. It is quite possible that despite filing the notice nothing changes. So, it will be way more beneficial for you if a tax professional is hired to handle the whole process. Being an experienced and competent person associated with this field, he/she will know the process of filing the notice and also the best ways of handling the whole matter. You need to provide all the supporting documents to prove that the reassessment is inaccurate. In short, the process will be a confusing and complicated one. Therefore, trusting a Tax Audit and Reassessment in North York Ontario professional will be your best choice to handle the CRA reassessment process successfully.