You get what you pay for!
I found an accountant who said “Do not worry about anything! None of my clients have ever been audited!” On top of that this accountant was quite affordable! What could be better?! I like to save money just like everyone else and get the best deal possible just like everyone else, well maybe a little more.:-)
Corporation plus personal taxes to file
I have a corporation which I opened up for my computer consulting plus real estate business. On top of that I have to do my real estate (sales person) taxes. All in all it always amounted to quite a bit that I had to pay for an accountant. When this accountant came along (via referral), I was only too eager and so, I signed up.
6 years behind in taxes
I was behind my taxes quite a number of years. Maybe needed around 6 years of taxes filed. I got all of them done successfully and finally. Then I sent referrals to this accountant and I got an even better deal.
Negotiations with Revenue Canada
Everything went smoothly. I negotiated with Revenue Canada for time to pay my taxes in installments instead of one lump sum payments. I have always found people at Revenue Canada to be extremely nice and helpful. Others I know have had different experiences but my experiences with them have always been positive. I asked them to give me time to pay the taxes and they agreed.
Paying off taxes monthly
I set pre-authorized payments to be withdrawn from my different bank accounts for Revenue Canada, for corporation taxes, personal taxes, personal GST, and corporation GST. Everything was going soooooo smoothly, every month money was being taken out and my debt to Revenue Canada was going down!
Letters from Revenue Canada
I started getting letters from Revenue Canada about making my payroll payments. I took it to my accountant who said not to worry about it, and we would set up payroll next year, just ignore it!
He was the professional! So, I just ignored these letters. Which turned out to be not such a wise decision on my part! 
Phone call from Revenue Canada
Finally, someone from Revenue Canada called me up and left a message to return his call as soon as possible as this was quite urgent. So, I called him up.
He was quite nice and polite and told me that he was the auditor and he was auditing my corporation’s payroll account. He said that he would like to meet with me and my accountant as soon as possible to discuss this very urgent matter.
If I delayed I could be paying much heftier fine compared to what I was going to pay anyways as late penalties.
Meeting with accountant
Accountant was quite helpful though. I met up with him and he helped me go through all the paper work and my receipts etc. But he kept reminding me how this was going to cost extra since he was doing work outside his normal work. Hmm… anyways. I thought since he was helping me so much I would definitely pay him even if he hadn’t asked. I’ll continue this story in the next post…
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