If you don’t file your tax returns, CRA will estimate / provide a notional assessment. It will most likely be incorrect and excessively high. This can lead to back tax collection activities such as garnishment of wages and liens on property. The certified tax accountants at Tax Doctors Canada can help you file your overdue tax returns and remove any back tax related penalties applied by the CRA
Tax Doctors Canada has 3 office locations (by appointment only) in Toronto, Markham and Mississauga to serve you. You can also have one of our certified tax accountants assist you with your personal tax return requirements remotely from the comfort of your home utilizing Tax Doctors Canada's secure document transfer portal. We accept clients from Canada and worldwide.
Free Initial Phone Consultation
Tax Doctors Canada offers a stress free Initial Phone Consultation with one of our professionally certified tax accountants. We Welcome Your Business!
Do not hesitate any longer. Contact Us by Email or call 1 855 TAX DOCS (+1-855-829-3627) for a free no obligation consultation and get your back taxes done stress free.
What are Estimated tax bills / notional assessments
CRA is not a proponent of individuals not filing tax returns. This is not recommended procedure. If you don’t file your tax return, CRA does not know what your tax payable is. So CRA will estimate / provide a notional assessment for back taxes owed. This estimate can be based on tax slips the CRA has or based on prior years’ tax returns. The risk with the estimated tax bill is that it could be way off the mark. It will most likely be incorrect and excessively high. CRA does not want to under-estimate the tax bill; they want to maximize the back taxes owed.
As a result of not filing your tax returns and accurately calculating your tax payable, CRA will decide this for you with an estimated tax bill. The next steps are to start back tax collection activities. This can be a step in the wrong direction because CRA will be attempting to collect a back tax tax bill that will most likely be erroneous. Having your wages garnished based on an incorrect back tax assessment can be frustrating.
What do you do about a Notional Assessment?
The best defense against the notional assessment / estimated tax bill is filing your overdue tax returns. This will generate a new re-assessment based on your filed tax returns. After having Tax Doctors Canada prepare your tax returns, you will have an accurate tax bill. This will usually be substantially lower that CRA’s back tax estimate. Another good reason for completing your tax returns on a timely basis is to avoid a notional assessment; this will keep your tax assessments accurate and not estimated.
Tax Doctors Canada has been serving happy clients for over 25 years. The highly experienced certified tax accountants at Tax Doctors Canada will file necessary tax returns and get the CRA to adjust the notional assessment. Tax Doctors Canada has an outstanding record of success with the CRA regarding back tax issues.
Tax Doctors Canada has 3 office locations (by appointment only) in Toronto, Markham and Mississauga to serve you. You can also have one of our certified tax accountants assist you with your personal tax return requirements remotely from the comfort of your home utilizing Tax Doctors Canada's secure document transfer portal. We accept clients from Canada and worldwide.
Free Initial Phone Consultation
Tax Doctors Canada offers a stress free Initial Phone Consultation with one of our professionally certified tax accountants. We Welcome Your Business!
Do not hesitate any longer. Contact Us by Email or call 1 855 TAX DOCS (+1-855-829-3627) for a free no obligation consultation regarding all your back tax filing needs. If you have back tax issues, the professional tax accountants at Tax Doctors Canada can negotiate a settlement for you with the tax department and possibly save you interest, penalties and prosecution.
