Tag Archives: debt management plan

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 ...

Am I eligible to file a consumer proposal?

Yes, you qualify for a consumer proposal  if you meet the following criteria: 1) You owe at least $1,000 to your creditors.  While this is the minimum required by law, Welker and Company doesn’t typically recommend consumer proposals to people with less than $10,000 in debt.  Also, the proposal process is more in-depth when you owe more than $250,000 (excluding mortgages or secured lines of credit). 2) The settlement that you propose to your creditors is better than what ...

Know Your Options

A Trustee in Bankruptcy is a licensed professional specializing in debt just like a medical doctor is a licensed professional specializing in your health. After a doctor performs an examination they’re able to provide you with your options and recommend a course of action to solve your health problems. A Trustee in Bankruptcy does the same thing during your free initial consultation. He takes the time to understand the specifics of your financial situation while focusing on what you ...

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