DebtCare Canada Can Help With CRA Tax Debt
Pam Shimmerman
Financial Restructuring Specialist
Senior Legal Counsel
Degree Osgoode Law School
Degree Schulich School of Business
DebtCare Canada Inc.
We Specialize in CRA Tax Debt Solutions
Do you need help with your CRA tax debt?
Tax debt can be terrifying; terrifying because owing the CRA money when you can’t pay will most certainly result in collection action. Tax debt is one of the main reasons people get behind filing income tax returns. Individuals get behind filing because the money to pay isn’t there and they fear that once the returns are filed the CRA is going to come looking for the money.
On the other hand, small business owners, especially sole proprietors are the group that is by far the most at risk of running into trouble with the Canada Revenue Agency. Tax time can be shocking to small business owners because not only is it more expensive for an accountant to prepare returns for an individual and a business but small business owners sometimes underestimate what they will actually have to pay.
Whether you are individual taxpayer or small business owner, if you have a tax debt or know that you will once you file late returns, don’t wait until the CRA catches up with you. You can beat them to the punch and get a plan together that will effectively deal with your tax debt.
You have more options to deal with a tax debt when the CRA has not begun enforcement action. A great example is homeowners who have tax debt. If you own a home, have a tax debt and the CRA puts a lien on your home, this will greatly reduce your options if you really cannot repay them monthly because the CRA will become a secured creditor.
There are many financial options to effectively deal with tax debt. Look at a consumer proposal for example. By filing a consumer proposal you can freeze the interest accruing on your tax debt, potentially reduce the size of the debt and stop collection action such as a wage garnishment.
The challenge is that your chances of being able to make a consumer proposal are greatly reduced once the CRA has taken enforcement action, which may be secured through a lien on your home.
Contact us today before it’s too late! Text “HELP” to 1 (877) 564-7648 or Call Now.
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