CRA TAX DEBT

You’ve completed your tax return and you received your Notice of Assessment, and you owe money to the CRA. There have been some common questions and misconceptions when it comes to owing money to the government.  Here are few:

  1. Ignoring it will NOT make it go away. CRA debt is due immediately. Just like anything in life, if you owe money to a certain company for good purchased and you do not pay them, there will be certain interest fees and penalties applied to the principal purchase amount. The same goes with monies owing to the CRA. When no payment for an outstanding balance is received, your balance owing will begin to accumulate interest charges as well as penalties for non-payment. If this amount owing is left not paid than the CRA will send your file to a collections officer.
  2. The CRA enforcement office CAN and will seize all bank accounts, garnish wages, put a lien on your home or business, garnish any accounts receivable (Child Benefit, GST/HST, Trillium Benefit). They can also seize your personal property, such as your vehicle, to pay off any outstanding debt
  3. You should never deal with a CRA collections officer on your own. They can be very aggressive and will not hesitate to come to your work or home with the sole purpose of collecting as much and as quickly as they can.

Resolving The Matter
It is highly recommended that any taxpayer retains a professional who has experience in dealing with CRA collection agents. Challenges to the tax assessment can be made or a payment schedule can be arranged for you. If enough notice is provided, these negotiations can usually be dealt with before any seizure of personal assets or property is made. Any penalties and interests incurred during this process may be subject to being lowered using the Taxpayer Relief Application.

If the amount owing is too large than your representative can guide you through the process of bankruptcy or consumer proposal to eliminate the full amount owing to the CRA.

This is general comment, and you should contact Tax Partners for any questions by sending an email to info@taxpartners.ca or (905) 836-8755.

#coinbase #forextrading #finance #bitcoinprice #xrp #forexsignals #ripple #altcoin #success #hodl #binary #motivation #cryptoworld #stockmarket #dogecoin #forexlifestyle #mining #blockchaintechnology #wealth #cryptoinvestor #nft #financialfreedom #altcoins #bitcoinexchange #cryptomining #trade #wallstreet #usa #daytrader #millionaire #cryptotax #bitcointax #crataxcrypto #cracrypto #crabitcoin #capitalgainstaxcrypto #vdpcrypto #cryptoaccountant #cryptolawyer #canadacrypto #canadacryptocourse #cpacrypto #cpabitcoin #vdpetherium #vdpETH #cpacryptotax #cryptoaudit #craauditcrypto #crypto #bitcoin #cryptocurrency #blockchain #btc #ethereum #forex #money #trading #bitcoinmining #cryptotrading #investing #cryptocurrencies #investment #cryptonews #bitcoinnews #bitcoins #entrepreneur #invest #business #eth #forextrader #bitcointrading #trader #investor #bitcoincash #litecoin #binance #binaryoptions #bhfyp #sol #FTM #AVAX #canadacrypto #Barrie #Belleville #Brampton #Brant #Brantford #Brockville #Burlington #Cambridge #Clarence-Rockland #Cornwall #Dryden #Elliot Lake #Greater Sudbury #Guelph #Haldimand County #Hamilton #Kawartha Lakes #Kenora #Kingston #Kitchener #London #Markham #Mississauga #Niagara Falls #Norfolk County #North Bay #Orillia #Oshawa #Ottawa #Owen Sound #Pembroke #Peterborough #Pickering #Port Colborne #Prince Edward County #Quinte West #Richmond Hill #Sarnia #Sault Ste. Marie #St. Catharines #St. Thomas #Stratford #Temiskaming Shores #Thorold #Thunder Bay #Timmins #Toronto #Vaughan #Waterloo #Welland #Windsor #Woodstock #Ajax #Amherstburg #Arnprior #Atikokan #Aurora #Aylmer #Bancroft #Blind River #Bracebridge #Bradford West Gwillimbury #Bruce Mines #Caledon #Carleton Place #Cobalt #Cobourg #Cochrane #Collingwood #Deep River #Deseronto #East Gwillimbury #Englehart #Erin #Espanola #Essex #Fort Erie #Fort Frances  #Gananoque #Georgina #Goderich #Gore Bay #Grand Valley #Gravenhurst #Greater Napanee #Grimsby #Halton Hills #Hanover #Hawkesbury #Hearst #Huntsville #Ingersoll #Innisfil #Iroquois Falls #Kapuskasing #Kearney #Kingsville #Kirkland Lake #Lakeshore #LaSalle #Latchford #Laurentian Hills #Lincoln #Marathon #Mattawa #Midland #Milton #Minto #Mississippi Mills #Mono #Moosonee #New Tecumseth #Newmarket #Niagara-on-the-Lake #Northeastern Manitoulin and the Islands #Oakville #Orangeville #Parry Sound #Pelham #Penetanguishene #Perth #Petawawa #Petrolia #Plympton-Wyoming #Prescott #Rainy River #Renfrew #Saugeen Shores #Shelburne #Smiths Falls #Smooth Rock Falls #South Bruce Peninsula #Spanish #St. Marys #Tecumseh #Blue Mountains #Thessalon #Tillsonburg #Wasaga Beach #Whitby #Whitchurch-Stouffville #Burk’s Falls #Casselman #Hilton Beach #Merrickville-Wolford #Newbury #Oil  springs #Point Edward #South River #Sundridge #Thornloe #Westport #corporatetaxes #accountantnearme #accountant #abil #CRA #instagramtax #instagramaccountant #ecommerceaccountant