Dealing with CRA Tax Debt

Table of Contents

Canada Revenue Agency Tax Debt – When you Owe Money

If you happen to owe money to the CRA (Canada Revenue Agency), this is something that you want to handle in a timely manner. Chances are if you received a CRA Notice or Notice of Reassessment, this unexpected tax debt can be overwhelming and unexpected.

If there was an error on your Tax Filing, bringing this to your Tax person to further investigate and confirm can help.

If you are not able to pay your tax debt at the time you filed, there are options with the CRA. Just to note, full disclosure of your finances may be needed, and you may also need to provide expense, income, liabilities to the CRA collections.  officer. This certainly is an available option, if it is just for you or your business, you can look to talk about payment arrangements.

CRA Debt Negotiations

If you do not have the money to repay your CRA Debt, it is possible that this debt under certain conditions can be included within a Bankruptcy or you can look at a Consumer Proposal.

In order to start this, your situation will need to be explained. You can look to negotiate a repayment plan for your current debt over the next 12 months or so. From there, the Canada Revenue Agency will then decide if they will take your offer or not.

Results of Not Paying your CRA Debt

  • GST and the Child Tax credits can be withhold
  • Interest and Penalties will continue to be added
  • Possible for Wage Garnishment
  • Removal of money from your bank account

As you can see, this is not something that can be treated lightly. This will need to handled ASAP.

Going the Route of a Consumer Proposal may be the best option to dealing with this debt. Settling your tax debt can be worrisome and in cases like this, David Sklar & Associates, Inc. can look to help you with your Consumer Proposal and make the negotiations to the CRA on your behalf

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!

I worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Melissa McAllister
Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
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!
They made a difficult situation, easy thank you.
Ray Barkley
I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
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
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
I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
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
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