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I have prepared my tax returns for both 2011 and 2012, I didnt

Resolved Question:

I have prepared my tax returns for both 2011 and 2012, I didn't expect to pay on either but as it turns out I owed quite a bit for 2011 and some for 2012!! What is the best next step? Split what I can pay on both returns (won't be the full amount)? The CRA website is no help at all
Submitted: 1 year ago.
Category: Canada Tax
Expert:  MyVirtualCPA replied 1 year ago.

MyVirtualCPA :

Hello, how are you today?

MyVirtualCPA :

The CRA will allow you to set up a payment arrangement after you have tried to borrow money to pay the tax debt or rearrange your affairs.

MyVirtualCPA :

According to the CRA Web site If you cannot pay your balance owing on or before April 30, 2013, we will accept a payment arrangement only after you have reasonably tried to get the necessary funds by borrowing or re-arranging your financial affairs. If the CRA agrees that you are unable to make a full payment, an agent can develop a plan with you to help you pay your taxes. Call us at 1-888-863-8657 to discuss a payment arrangement. Our agents are available Monday to Friday (except holidays) from 7:00 a.m. to 11:00 p.m., Eastern time.

MyVirtualCPA :

If you can pay the entire amount for one of the tax years, I would do so

MyVirtualCPA :

Then, if you can borrow funds to pay the tax do so

MyVirtualCPA :

If not, then contact the CRA at the phone number listed above to make payment arrangements with them.

MyVirtualCPA, Accountant
Category: Canada Tax
Satisfied Customers: 15588
Experience: Helping people find jobs
MyVirtualCPA and other Canada Tax Specialists are ready to help you
Expert:  MyVirtualCPA replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  MyVirtualCPA replied 1 year ago.
Hello Darryl,

I see you were unable to join our chat. Please review my response, and reply to me if you have further questions. If no further questions, please rate my response "excellent" so that I may receive credit for assisting you today. Thanks again.
Customer: replied 1 year ago.
Thank you for the answers. I will call the CRA to see what can be set up.
Expert:  MyVirtualCPA replied 1 year ago.
You're welcome. Darryl, if you would please rate my response "excellent" as that is the only way I am given credit by the website for helping you today. Thanks again
Expert:  MyVirtualCPA replied 1 year ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer

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