Tag Archives: canada revenue agency

High-Personal-Income-Tax-Debt

High Personal Income Tax Debtors and Bankruptcy

Surprise, surprise: The Federal Government’s laws make your life difficult if you don’t pay them.  In this case, its s172.1 of the Bankruptcy and Insolvency Act.  The majority of bankrupts never have to attend court, or appear before a judge, but this isn’t the case for “High Personal Income Tax Debtors” who have more than $200,000 of personal income tax debt that represents more than 75% of their total unsecured debt. (Mortgages, and most car loans are secured debt, not unsecured debt). ...

Tax Organization System for the Self Employed

Tax Organization System for the Self-Employed

Tax Organization System for the Self-Employed One of the main disadvantages of being self employed is the necessity to report and remit income taxes yourself.  Employees have it easy.  Their employers withhold taxes from their paycheque before their paycheque hits their bank account, and they receive a T4 at year end.  Things aren’t so easy for the self-employed. A common cause of insolvency is failure to accurately report and remit income taxes and HST to the Canada Revenue Agency ...

Consumer Proposals and the CRA

Consumer Proposals and the CRA

Consumer Proposals and the CRA You may be able to settle your tax debt with the Canada Revenue Agency (“CRA”) by filing a Consumer Proposal; However Consumer Proposals and the CRA make for some unique requirements when combined.  For your consumer proposal to be accepted by the CRA you’ll need address the following issues. File All Outstanding Returns The first thing that you’ll need to do is file any outstanding returns.  This includes personal income tax as well as HST ...

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