Canadian Tax Consultants: Do You Have a Debt Relief Partner to Support Your Tax Clients Who are in Trouble?
It is not uncommon to find out that your client is facing financial troubles – particularly during the time of a global pandemic. In fact, many independent professionals and tax specialists including personal tax accountants, tax preparers, bookkeepers, financial advisors, lawyers, and estate planners are amongst the first to learn that their client is facing […]
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 […]
Requirement to Pay Truly is a Requirement to Pay – So You Got One, Now What?
A Canada Revenue Agency (CRA) requirement to pay is a serious matter and should never be ignored. If you have received a requirement to pay, it means the CRA is about to take collection action. They are telling you that you are required to pay them. If you don’t, CRA collections could follow, including: A […]
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 Collections and You – How You Can Protect Yourself
Canada Revenue Agency (CRA) collections can be financially and personally devastating. Whether you’re hit with a wage garnishment, frozen bank account, or lien against your property, the effects can be far-reaching. It might impact your ability to pay your regular bills, alert your employer or clients to your financial position, or put your assets in […]
30-Day Countdown: How to Tackle Back Taxes and Tax Debt
The 2017 income tax deadline is on April 30, 2018. Have you filed your taxes yet? If you’re waiting or afraid to due to back taxes or because you’ll owe a tax debt, read on… If you have back taxes: When you owe back taxes, the best thing you can do is consult a financial […]
Collection Agencies and The CRA – Do You Know Your Rights?
When you owe money, whether to a creditor or the Canada Revenue Agency (CRA), this knowledge can be stressful. If you can’t pay and are being contacted regarding the debt, that stress is likely to increase tenfold. However, there are limits, and if a collection agency or the CRA is becoming more aggressive than you’re […]
Tax Debt: Are You Self-Employed but Haven’t Filed Yet?
We are well into July now and that means, if you are self-employed, your tax filing deadline has passed. If you filed on time, great, you’re set for another year. However, if you’ve yet to file, for whatever reason, you may be facing some serious penalties and a significant tax debt. Many people don’t file […]
Dealing with Income Tax Debt – What Happens if You Owe?
The income tax filing deadline is April 30th, and that means, if you owe a tax debt to the Canada Revenue Agency (CRA), you may be wondering what happens when you owe and how long you’ve got before the CRA will start asking for their money. Firstly, failing to file is never a good idea, […]