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. 

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Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
Recently dealt with Christine at David Sklar & Assoc. and worked out a Consumer Proposal to put forth to my creditors for my Credit Card debt. She was very courteous, professional and put me at ease with a proposal that I can afford on a monthly basis, which will eliminate my debit in a reasonable timeframe. I would recommend Christine and this firm in a heartbeat. Very happy with the service and attention I got !!
Patrick Kovanchak
01:59 15 Nov 22
Excellent customer service. Special thanks to Olga for being prompt and helpful. She’s a star. Bibi is helpful as well. Great agency to work with.
Fady Tadros
19:28 14 Nov 22
After seeing your commercial play on CP24, I realized that it addressed all the questions and concerns I had about my financial situation. It all started with my one phone call to your office. I had the extreme pleasure of working with Cori Naron at your St. Clair West office in September 2022. She took the time to explain what my options were knowing that it was a very stressful situation with my debt load. She made me feel at ease with my decision to file a consumer proposal and outlined the benefits to me. She is thorough and her attention to detail is outstanding. While it takes a little while to reap the benefits of making this hard decision, she took the time to reassure me that it was in my best financial interest. Well done David Sklar & Associates for having such an amazing representative at your company and for allowing me to "get a fresh start"!
14:31 14 Nov 22
Very highly perfection individual, well executed and greatly knowledgeable in his work, which guided me me the right decisions making opportunities. Thank you.Sincerely, Peter Romasz
Peter Romasz
20:18 13 Nov 22
Trina Powell was very helpful and made the process very easy. Thanks again for all your help.
Jennifer Hager
17:59 06 Nov 22
Jerry is a caring, trustful, knowledgeable and competent Sklar associate. He understood my needs and quickly went to work on my behalf. Ever indebted to David Sklar and Associates and especially to Jerry for his professionalism and caring approach.
David Craig
19:31 31 Oct 22
Jerry Janiec is very knowledgeable and very helpful everything he explained to me was straightforward and very easy to understand. I'm very pleased to be working with Jerry to become debt free. I will definitely be recommending to any friends or colleagues your services.Thank you again for helping me get on the road to be debt free. 5 Stars is well deserved.
Christopher Rakobowchuk
17:41 27 Oct 22
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