SOURCE: Mew & Company

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October 19, 2015 10:30 ET

Vancouver Accountants Advise People Assessed for Extra Taxes

VANCOUVER, BC--(Marketwired - October 19, 2015) - Vancouver Chartered Accountants at Mew and Company have released an article advising taxpayers what to do if they're reassessed by the CRA.

Mew and Company, a Vancouver-based firm of chartered accountants, has recently published a blog that will be helpful to anyone who's received the dreaded news that extra money is owed to the Government.

After tax season, the CRA sends out information requests and notices of assessment. Receiving a notification that you own more money than you previously calculated can be frustrating and leave you with a lot of questions.

First of all, it's important to understand why this happened. If a taxpayer receives a notice of assessment that is more than the amount calculated on a return, it's typically because an income slip has been misplaced or omitted.

In this age of electronic data, the CRA can quickly determine which slips are missing. In the case of employment income (the T4 related slips), this information is already in the CRA's data bank, filed under the taxpayer's SIN, even before the taxpayer files a tax return.

Taxpayers need to be diligent when assembling slips for their returns as the cost of unreported income, intentional or unintentional, can be very high.

If you've received a notice of assessment indicating that you owe more taxes because of a forgotten RRSP withdrawal or some other income, you still owe regardless. More importantly, you'll want to be extra diligent for the next three years, because the next time around it will be the taxes owing plus a 20% of the unreported income as penalty.

The bottom line, advises the blog, is that it's important to file accurately when it comes to your taxes. Get professional advice and take your time.

About the Company

Mew and Company a Vancouver chartered accounting firm has the ideal solution to any taxation problem. With their simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields, including restaurants, real estate, retail and the service industry. Investing in their specialist services will undoubtedly prove to be fruitful for all kinds of clients.

To learn more about Mew and Company and discuss their accounting services, visit their website at http://mewco.ca/

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