Looking for CRA Tax Debt Help?
If you’ve ever been hit with a Notice of Reassessment from the Canada Revenue Agency, especially when it was not at all expected, this debt could potentially be an issue. If you do not have the extra funds to repay either via extra disposable income or savings you may need to look at your other options that may be available regarding your CRA tax debt.
This type of debt can sadly happen to anyone, the next step now is how you go about dealing with it. Your yearly tax returns can become a dreaded time. If you’ve worked two jobs or more and you didn’t take out enough money, or you are self-employed and either have HST payments owed or you didn’t pay in enough on your yearly tax. This can creep up on anyone if not careful about your taxes.
The Canada Revenue agency has a lot of power behind them and they are able to hold back your money in a number of ways, from garnishments, tax credits (HST & Child), via your bank accounts just to name a few.
Your Debt Settlement Options
With an Insolvency Firm such as David Sklar & Associates, Inc., we can help by administering a consumer proposal where you agree to pay back just a portion of your unsecured debts or you can look to Bankruptcy.
It is important to note that interest will still be collecting on your CRA Tax debt until it is either fully paid or via a Trustee with an automatic stay of proceedings. This will stop additional interest being added on your tax debt, and will allow for the proper debt settlement proceedings to take place.
Realistically, there are three main options for repaying your tax debt.
- Talk to the CRA (Cancel or waive penalties or interest). The minister may opt to grant interest or penalty relief. You can also look at repayment options over a number of months. You will need to disclose your financial details.
- Bankruptcy or
- Consumer Proposal
If you have Tax Debt, this is not something that can be avoided. You need to deal with this properly. Call or email us today and we can look at your case. We know how troubling this can be and we are here to help you find the best solution so you can move on with your life.
