Tax debt lawyer vs Licensed Insolvency Trustee – when do you need which?
Facing an overwhelming amount of tax debt? Is the Canada Revenue Agency (CRA) on your case? Not sure what to do next?
Facing an overwhelming amount of tax debt? Is the Canada Revenue Agency (CRA) on your case? Not sure what to do next?
The amount of tax debt that goes uncollected each year in Canada is estimated to be around $23 billion.
Receiving a CRA notice of collection can be pretty alarming when you were not expecting it, or if you do not know what to do with it.
A big tax bill is never welcome to anyone when it arrives. It often feels even worse if the tax debt is the unexpected result of a mistake in filing, which can often happen.
CRA debt refers to tax debt owed to the Canada Revenue Agency (CRA). Sometimes, it can be difficult to pay your taxes and we understand just how stressful this can be.
In Canada, tax debt is a very common occurrence. It is easy for any of us to create, particularly if you have worked an extra job, or taken out RRSP funds early for an emergency or to make a large purchase.
This year’s income tax deadline is April 30, and it is already looming for Canadians to file their taxes to the Canada Revenue Agency.
Just like any other creditor, if you owe tax debt to the Canada Revenue Agency, they can – and will – take a number of different actions to try and collect the money they are owed.
No matter how nervous you are about filing your taxes, it is so important to ensure you file yours on time to avoid a number of consequences.
Tax debt can be a particularly stressful form of debt, given the collection powers of the Canada Revenue Agency (CRA).