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Tax Tips for Canadians

It’s Tax Time: What to Keep in Mind It’s April and that means it’s tax time. If you haven’t completed your income taxes yet, remember that most Canadian income tax and benefit returns for 2016 are due April 30, 2017. However, since April 30 is a Sunday this year, the Canada Revenue Agency (CRA) will consider filings and payments on time if they are received or postmarked by midnight on May 1. People who are self-employed (or whose spouse or commo...
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Wage Garnishment by Canada Revenue Agency

Garnishment is a court order directing that money or property of a third party (usually wages paid by an employer) be seized to satisfy a debt owed by a debtor to a creditor. When you fail to pay creditors the money you owe them, they may apply to court to seek a “garnishment” against you. This allows them to seize part of your salary, funds in your bank account, or other money and savings you own to repay your debt. Garnishment cannot be stopped...
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Don’t Struggle with CRA Debt. Resolve It with a Consumer Proposal or Bankruptcy

Settling debt with the CRA Many people struggle with Canada Revenue Agency (CRA) debt for a long time, feeling that there isn’t much that can be done about it. For some reason, there is a misconception that tax debt can not be included in a bankruptcy or consumer proposal, so many people who are insolvent with tax debt do not consider contacting us to get more information. Earlier this month, the news broke about CRA writing off approximately 4 b...
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Importance of Filing Tax Returns with CRA

I met with a gentleman who was anxious to file bankruptcy as soon as he possibly could. He was currently on Employment Insurance benefits, but owed taxes to CRA. He was looking for work and did not want to risk CRA garnishing his wages with any new employer. He previously worked as a sub-contractor and did not file taxes for many years. The problem being; he had not filed an income tax return since 2002. So he really didn’t know what he owed in t...
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An Hour of Administration a Week Can Keep Your Creditors Away

A common issue has resurfaced time and time again in discussions with people who are in sales or are self-employed. They tend to enjoy spending time growing their business and cringe when they have to do any form of administration. Eventually the workload becomes so overwhelming that it simply gets set aside, neglected, ignored and pushed away. Unfortunately, this is one of the reasons why people get overwhelmed with tax debt . Below are a couple...
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Eliminating Tax Debt: CRA and Bankruptcy Court Decisions

In a previous article ( Eliminate Tax Debt in Canada ), I explained how Bankruptcies and Consumer Proposals have legally released countless Canadians from the crushing burden of their tax debt, while, at the same time, leaving their retirement savings intact. In this article, I will explain how the Canada Revenue Agency (CRA)  may react to a Bankruptcy or a Consumer Proposal, and what the Bankruptcy Court may decide. CRA and Bankruptcy ...
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Eliminating Tax Debts

I once heard someone refer to the Canada Revenue Agency as, “ the best collection agency in the world ”. I simply smiled and said, “ I have lived in the United States and the IRS is pretty good too ”. A debate ensued, but, in the end, I have no idea who the world’s best collection agency is. However, I do know that CRA is an excellent collection agency with very powerful collection tools at its disposal. CRA can quickly seize bank accounts , garn...
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Business Debt 101: Dealing With Your Tax Problems

Are you seriously behind on filing income tax, GST or payroll tax paperwork and payments? If so, proceed with caution. Canada Revenue Agency (“CRA” - formerly known as Revenue Canada) has immense power to enforce the collection of tax debts through the seizure of assets – and it can be done without a court order. CRA can freeze your bank account, grab your wages, intervene and seize payments from customers and register a lien on your home. All of...
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