Dealing with Tax Debt: What You Can Do If You Owe Money to Revenue Canada

Hoyes.com Radio Show #3: Dealing with Tax Debt - What You Can Do If You Owe Money to Revenue Canada (Opens in a new window. Optimized for Windows Media Player 6.4 and later versions. )

To listen to the show live tune in to AM 570 or, outside of Kitchener, visit www.570news.com - from noon to 1:00 pm.

Show Topic:

On today's show we discuss strategies for dealing with tax debt. If you owe CRA (Revenue Canada) money, this show will help you deal with your tax debt.

Guests:

	Ted Michalos is a chartered accountant and a licensed bankruptcy trustee, and co-founder of Hoyes, Michalos & Associates Inc. During his career Ted has helped many self-employed individuals deal with tax debt. Ted can be reached at 310-PLAN, or by e-mail.
	Scott Schaefer is a chartered accountant and a licensed bankruptcy trustee, and the leader of the tax departments at Hoyes, Michalos & Associates Inc. Scott has been involved in the preparation of thousands of tax returns, which combined with his years of personal insolvency experience gives him a unique perspective on how to deal with tax debts. Scott can be reached at 310-PLAN, or by e-mail.

Show Summary:

Ted and Scott will answer many questions about how to make a plan to deal with tax debts owed to Canada Revenue Agency, including:

• What are the common reasons people get into trouble with taxes?
• What are my options if I owe taxes to Revenue Canada?
• Will CRA let me pay my taxes back over time, or do I have to pay it all at once?
• If I can't work out a plan with CRA directly, what's my next step?
• What is the CRA Fairness Committee, and is it a way to get the taxes I owe reduced?
• Will Canada Revenue Agency accept a deal for less than the full amount owing?
• Will CRA accept a consumer proposal?
• If I file bankruptcy, will my tax debts go away?
• What changes to the law can we expect in the next year?

Helpful Resources:

• Tax Debts and Bankruptcy
• What happens if I haven't filed my tax returns?
• How to make a deal with Canada Revenue Agency (Revenue Canada)
• How to file a proposal to Canada Revenue Agency (Revenue Canada)
• What are my options if Canada Revenue Agency places a lien on my house for unpaid taxes?

For additional information and help in dealing with tax debts and Canada Revenue Agency (Revenue Canada), please contact one of our Ontario bankruptcy offices.