Tax debts are often the most overwhelming debts because you may not know how to deal with Canada Revenue Agency when they occur. The most common reasons why Canadians carry tax debts are:
- Unpaid taxes on self-employment earnings;
- RRSP withdrawals without adequate withholdings;
- Working multiple jobs without increased source deductions for higher income;
- Pension income higher than source deductions
- Directors obligations for unpaid corporate source deductions or HST
Our guide to dealing with Canada Revenue Agency and tax debt settlement will help you understand:
- what types of tax debts can be included if you file bankruptcy or a consumer proposal;
- how to deal with CRA’s strong collection powers;
- where to begin; and
- what your options are.
You can overcome tax debts. View our slideshare below to find out how a Licensed Insolvency Trustee can help. If you have tax debts, book a free consultation with one of our local trustees today.