How Real Balance Accounting Services Ltd. Helped A Client With Unfiled Tax Returns For The Last Decade
As experienced accountants and bookkeepers in Richmond, BC, at Real Balance Accounting Services Ltd., we help small business entrepreneurs focus on growth while we run their back-end accounting and administrative tasks smoothly.
We also help clients bring their business up to date even if the CRA is closing in as communication is needed to keep their business operating.
We were once approached by a client who had unfiled tax returns with the CRA for the last ten years. The client needed to quickly catch up on filing their returns as the CRA sent them a formal request.
After thinking over the situation, here’s how we helped the client resolve the issue in the least time possible: First, we requested the client for their last filed tax return. Next, we got authorization to talk to the CRA on their behalf to negotiate and keep posted on the progress. Then, we determined what reports have not been filed with CRA. Thereafter, we requested all the documents for each year. Throughout the process, we reassured the client that we will get through this challenging time, and that our goal is to put systems in place to create a smooth process.
It took us approximately ten weeks to resolve the issue. However, our biggest challenge was that we had to retrieve all the client’s statements in the last decade, i.e., bank, credit card, etc.
The Bottom Line
At Real Balance Accounting Services Ltd., we create a system that can save clients thousands of dollars in late penalties and interest charges. Moreover, our professional system keeps processes on track on a monthly basis and ensures accurate reporting.
We work with a network of leading cloud-based applications specializing in accounting, bookkeeping, payroll, time tracking, merchant processing, and expense management to help clients simplify their back-office systems and focus on growth.
We offer full-cycle accounting and advisory services to clients across the Lower Mainland, including Richmond, Vancouver, Coquitlam, Maple Ridge, Langley, Surrey, North Vancouver, West Vancouver, Burnaby, Delta and White Rock, BC.