Do you have tax issues?
- Filed and paid your taxes every year?
- Set aside a portion of your self-employed income for taxes?
- Set aside any HST collected or payroll withholdings for your business?
- Set aside tax on any RRSP or investment income you cashed in?
If not, you may have sizeable tax debt that you owe to CRA (Canada Revenue Agency). Not only that, but even as you read this, you are most certainly incurring more and more penalties, as well as rapidly-growing interest charges. And once CRA catches up with you (and they WILL!), they can garnish your wages, freeze your bank accounts, instruct your customers to pay them directly, or register liens against your business or personal property.
Obviously, the best way to avoid any of these serious consequences is to pay your debt to CRA. But how? You could negotiate a settlement with them directly (typically they will be unwilling to accept anything less than the full amount owing). Instead, to ensure the very best possible outcome when dealing with CRA, you must take control of the situation and get professional help to best determine how to proceed.
For example, we always recommend that you have your outstanding tax returns prepared and filed by a tax professional, so you (as well as the CRA) have a complete picture of the debt owing and you can develop a plan to deal with it.
If the tax and other debts become unmanageable, there could very likely be a formal option available to help you get a fresh financial start. Proposal Administrators and Trustees in Bankruptcy are the only professionals trained and federally-licensed to deal with your tax and money problems.
To discuss your situation in detail, please call (844) 507-7526 to set-up a free confidential face-to-face meeting in your area.
We are here to assist you, and we know the law and the legislation that can be put into place to protect you from the tax man.