Can Bankruptcy stop CRA Collection?

Table of Contents

Can Bankruptcy stop Canada Revenue Agency Collection

Do you have concerns regarding a Canada Revenue Agency Collection and how a proposal or bankruptcy affects this difficult issue for you?

First before you can file for bankruptcy or a consumer proposal, a trustee must examine your finances to authenticate that you are insolvent. Someone who is insolvent, must owe at least $1,000.00.Also, they must be in general incapable of paying their debts as they are due, or have stopped paying their debts altogether, and/or their debts are greater than their assets. Read more on what is insolvency.

Once you are declared insolvent, then the trustee will review all possible options available, including alternatives to a proposal or bankruptcy

Consumer Proposal / Bankruptcy and the CRA

In numerous cases, CRA (Canada Revenue Agency) taxes can be included in a bankruptcy – nevertheless the CRA has the option, to not allow some taxes to be included.

It is also possible to have the CRA (Canada Revenue Agency) consent to a reduced sum on outstanding taxes when a Division I Proposal or Consumer Proposal is filed.

So there is hope if you have outstanding payments owning to the CRA. The next step is to call us for a free consultation where we can review your case, and help determine which the best option for you to take is. If you live in the Toronto area, you are welcome to call us at 416-498-9200.

For some past CRA Case Histories with David Sklar & Associates, see the following

https://davidsklar.com/blog/case-history-doug-bankruptcy-and-the-cra/ – Doug’ had prolonged health issues and large debts to creditors and the Canada Revenue Agency (CRA). Read more on this case history.

https://davidsklar.com/blog/division-1-proposal-for-a-small-business/ – This is a Division 1 Proposal Case History. ‘Mark’, An IT Manager faced up to his mistakes and deals with a Canada Revenue Agency garnishee. Read more on this case history.

 If you are facing financial problems and have surmounting debt, call the offices of David Sklar & Associates for a free consultation. We are here to help you!

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

Share This!

Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
1695320109
Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
Thomas
1695089142
They made a difficult situation, easy thank you.
Ray Barkley
1694806611
I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
1694804075
Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
1694799042
From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
P Bains
1694670814
I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
A.L Thompson-Lawrence
1694547608
I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
1694534757
Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
Jody T
1694533927
Rhoda, Jerry, and the entire David Sklar & Associates Staff were very professional and were great to work with. They taught me a lot regarding financing and I would recommend them to anyone facing financial troubles as well. Rafael L
Medanun
1693930422
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us