Arranging a CRA Corporate Payment Plan

Learn how to arrange a corporate tax payment plan with the CRA and what you need to know about paying corporation tax in instalments. Contact Farber Tax Solutions to solve your tax issue.

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CRA Corporate Tax Payment Details

 

In general, corporations and companies in Canada must pay their taxes in regular installments. For most, corporation tax installments are due on the last day of every complete month of a tax year. A Canadian-controlled private corporation (CCPC) must make installment payments at the end of every complete quarter.

If a corporation does not comply, it could face significant penalties and interest charges. For example, if a large corporation fails to file a T2 Corporate Income Tax Return and/or a T2SCH38 Part VI Tax on Capital of Financial Institutions filing, a penalty will be charged. Penalties will apply for other situations as well. In addition, the CRA will charge interest on tax debt that is overdue.

  • Resolving CRA tax problems is a complex and lengthy process that must be handled with care
  • Even small missteps can result in large penalties or interest charges
  • An experienced tax professional can ensure that your tax situation is resolved in the most favourable manner

Trust Farber Tax Solutions to communicate and negotiate with the CRA and arrange a CRA corporate payment plan. Our tax experts offer a free consultation to discuss your situation. Contact us today.

 

Negotiation a Corporate Tax Payment Plan

 

If your corporation owes tax debt and is unable to repay the full amount, a prompt and accurate response to the CRA is crucial. Responding quickly is important due to the fact that interest charges and penalties accumulate quickly. However, the accuracy of your response is also critical since the CRA has very strong collection powers and can make the situation very difficult (and very expensive) if the response is not accurate.

The Farber Tax Solutions team is composed up of experienced ex-CRA, legal, and accounting professionals with a proven history of successfully negotiating with the CRA. We provide our clients with comprehensive tax solutions. We will work to correctly analyze your corporate tax situation and determine the best way to proceed going forward. Arrange for a free consultation today.

 

Resolving Corporate Tax Issues

 

As with nearly all aspects of corporate income taxes, corporate tax filings and installment due dates depend on several factors, including the type of corporation and the corporation’s fiscal year. However, for all corporations, taxes must be filed and tax installments must be paid as they become due. Failure to do so will result in penalties and interest being charged.

If you have not filed on time or if you are unable to pay the tax debt that is owed in full, please contact our team to arrange for a free consultation. We will review your situation and determine the best course of action.

Farber Tax Solutions Helps You at Every Step of the Way including:

  • 1| Organizing: We analyze all documents and communication, to fight the CRA on your behalf
  • 2| Audits: We assist you with audits and ensure proper conduct by tax authorities
  • 3| Appeals: We can prepare a Notice of Objection, clarifying your standing with the CRA
  • 4| Litigation: We represent you at all levels of court

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