What to Expect When the CRA Resumes Collection Action?
The Canadian government has launched a number of relief measures to assist Canadians during the COVID-19 crisis. These included the provision of additional benefits, temporary suspension of debt collection activities, and extension of tax filing deadlines. The Canada Revenue Agency (CRA) also confirmed that individuals who file their 2019 individual income tax returns before September […]
2019 Tax Deadline Around the Corner – Let’s Review Current Penalties and Interest
The Canada Revenue Agency (CRA) tax deadline for the 2019 tax year is coming up quickly. Are you prepared? The deadline to file your 2019 income tax is April 30, 2020. For self-employed tax filers, the deadline is June 15, 2020, however, it’s better to file by April 30 as you will be charged interest […]
CRA Auditing PayPal Business Recipients — What to Do If They Have Come After You
Business owners, have you received income using PayPal? If so, the Canada Revenue Agency (CRA) may be contacting you for an audit. In November of 2017, PayPal was served with a Federal Court of Canada order to submit specific information to the CRA about PayPal Business account holders. PayPal had to give the CRA account […]
How to Save Your Home During a Financial Crisis
In a financial crisis, all of your assets may be in jeopardy – especially your home. A financial crisis can take many forms: an unexpected bill, change in interest rates, job loss, buildup of long-term debt, and more. But one of the hardest to deal with — and most critical – is a CRA tax […]
Liberty Tax Filers – What to Do if You Will Have a Tax Debt You Can’t Pay?
It’s income tax season and many Canadian filers may be turning to online tax preparation services, like Liberty Tax. These services are great options for submitting your income tax return, and for finding more deductions and rebates you may not have known about. But what happens if you’re assessed with a tax debt that you […]
CRA Director Liability and You – Protect Yourself!
CRA Director Liability and You – Protect Yourself Before It’s Too Late! If you own, or are a director for, a company and accept trust money for the federal or provincial governments, you could be subject to CRA director’s liability. CRA director liability means that the Canada Revenue Agency (CRA) can decide that you owe […]
The Taxman Taketh Away: How to Reduce Crippling CRA Penalties
CRA penalties and interest can be crippling and even double the size of a tax debt. We’ve all heard horror stories about the CRA and its efforts to enforce repayment. If you are facing Canada Revenue Agency (CRA) penalties, then you need to determine how you are going to reduce that burden in a way […]
CRA Tax Debt? Is a Voluntary Disclosure Application the Answer?
Did you know about the Canada Revenue Agency (CRA) Taxpayer Relief Program for tax debt relief? If you have a CRA tax debt you’re likely pretty stressed about it, but don’t worry, you are not alone. Dealing with a tax debt takes work, but in order to avoid further aggravating the issue, it is something […]
CRA Wage Garnishments – What You Need to Know
A few weeks ago we dedicated a blog to Canada Revenue Agency tax problems and how to approach a tax debt before attempting to make a payment arrangement. This week we follow that up with a discussion of what to do once the CRA has levied enforcement action against you, specifically in reference to a […]
CRA Tax Debt Collectors Get More Aggressive
The Canada Revenue Agency (CRA) has always had a reputation for strict and aggressive collection behaviour. When money is owed, agents will try their hardest to retrieve it. This usually results in extreme stress on the taxpayer and enforcement action that can wreak havoc on their financial stability. What’s worse, those tactics seem to be […]