Personal Finance

Recommendations for a Tax Accountant / Lawyer

  • Last Updated:
  • Mar 5th, 2013 11:23 am
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Deal Addict
Feb 20, 2005
1864 posts
35 upvotes
Scaborough

Recommendations for a Tax Accountant / Lawyer

I thought I'd ask here to see if anyone has experience and recommends a tax accountant / lawyer.

Looking for someone whos familiar with tax planning (Personal and Business), submitting amendments for previous tax years, and tax/interest/penalties disputes with the CRA.

Sorry about that, thought I always had location set.

In Toronto, Scarborough to be exact.
9 replies
Newbie
Aug 26, 2012
61 posts
19 upvotes
Edmonton
Yeah where are you. I know a great guy on Vancouver Island. Geeze. And you know that law and taxes are different right? None of what you mention have anything to do with legal work.
Deal Addict
Feb 20, 2005
1864 posts
35 upvotes
Scaborough
SwivelHips wrote: Yeah where are you. I know a great guy on Vancouver Island. Geeze. And you know that law and taxes are different right? None of what you mention have anything to do with legal work.
I'm located in Toronto.

Yes I'm not too sure who I would need exactly based on the circumstances.

Here's the general idea of the issue.

Taxes weren't filed for basically a decade, in one of those years, a sell off of stocks resulted in a capital gains. When all the missed years were filed recently, that capital gain resulted in significant penalties. Made went through the dispute process which resulted in minimal or no change in the owing. No issues with paying the tax and the interest and even some penalties, but the penalties are the bulk of the owing. Trying to find someone to assist in the negotiation process or try approaching it by refiling all the years and offsetting the gain for that year and claim that since that year has 0 income, therefore 50% penalties on 0 = 0.

Just a very basic idea,
i.e. 10k owed in 2002
2003 = 10k owed + 5% penalty on owing
2004 = 10,500 + 10% penalty on owing
2005 = 11,550 + 50% penalty on owing
2006 = 17,325 + 50% penalty on owing
2007 = 25,987.60 + 50% penalty on owing
2008 = 38,981.40 + 50%
2009 = 58,472.10 + 50%
2010 = 87,708.15 + 50%
2011 = 131,562.23
Deal Addict
Feb 20, 2005
1864 posts
35 upvotes
Scaborough
jjboy wrote: Was this a voluntary disclosure?
You could have avoided (most of) the penalty.

http://www.cra-arc.gc.ca/gncy/nvstgtns/vdp-eng.html
No it was not. All the missing years were done in 1 shot, and it came as a surprise that the 1 year had a gain when it was reassesed. So penalties on all the subsequent years was immediate. Tried going through the process and now trying to find an expert to explore further options
Newbie
Feb 17, 2013
43 posts
2 upvotes
Yellowpages is your friend -- but make sure you research each company online by looking for BBB ratings, etc.

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