Hey, I own a construction company based in Toronto. For the last two years, the business is not going well. I was planning on taking a personal loan to promote my business further. It is on this point I got informed by my accountant that the tax return for this year is getting closer. He already prepared an audit report and calculated the amounts to be paid to CRA.
Then I planned to extend the payments for a few months until my business gets a little better. I knew that owing tax returns are an offence, but for me, there is no choice I'm in such a tough situation. When I discussed it with a few of my friends, they said about approaching companies providing tax payment plans once, before planning to owe the payment. Is there any use of approaching such a firm? Is anyone gone through the same situation as mine? Can someone offer some guidance? I have no idea about how to handle the situation. Any help will be much appreciated.
Then I planned to extend the payments for a few months until my business gets a little better. I knew that owing tax returns are an offence, but for me, there is no choice I'm in such a tough situation. When I discussed it with a few of my friends, they said about approaching companies providing tax payment plans once, before planning to owe the payment. Is there any use of approaching such a firm? Is anyone gone through the same situation as mine? Can someone offer some guidance? I have no idea about how to handle the situation. Any help will be much appreciated.