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 billion in debt over the past 2 years.
Needless to say, there was a media frenzy on this topic, and even critics had suggested that the CRA should spend more money on trying to track down this lost revenue. The truth of the matter is that if people file a bankruptcy or consumer proposal, there isn’t much that can be done by the CRA to retrieve these funds, so why spend the money on trying to collect funds which are legally uncollectible?
Assets and the CRA
The CRA has the power to seize and then empty bank accounts, send out Requirement to Pay notices to banks, employers and/or if self-employed to the debtor’s customers. The CRA can place liens on houses and other assets. The CRA has the power to collect the funds which are owed to them, so it’s a good idea to come in for a free consultation to figure out your options. Once a bankruptcy or consumer proposal has been filed through A. Farber & Partners, we are able to stop the CRA from collecting on past debt, which will enable people to move forward financially.
Get rid of tax debt
During my over 15 years of helping people deal with debt, I’ve managed to help many people deal with their tax problems through bankruptcies and consumer proposals. Many people originally come to discuss other forms of debts (i.e.- credit card debt or loans), and do not realize that a bankruptcy or consumer proposal will help deal with tax debt as well. I’ve even helped people deal with the CRA when liens have been placed on houses. For people who owe tax debt from their businesses, I can help with the majority of these debts too, so it’s always a good idea to contact me.
A personal, free debt consultation
Is filing a bankruptcy or consumer proposal right for you? At A. Farber & Partners, we have over 50 offices and have been helping people deal with debt for over 35 years. We will sit down with you to review your financial options, which will create relief once a bankruptcy or consumer proposal is filed, and then we will teach you how to rebuild your life so it is financially sound.
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