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Tax debts a range of solutions

Receiving a letter from revenue agencies is always a source of stress. Will the tax authorities claim unexpected amounts from us? Tax debts are unfortunately very common in Canada, especially among self-employed workers, entrepreneurs, and people with multiple jobs. The good news is that there are several ways you can get out of this.

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Tax debts a range of solutions

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  1. TAX DEBTS A RANGE OF SOLUTIONS

  2. Receiving a letter from revenue agencies is always a source of stress. Will the tax authorities claim unexpected amounts from us? Tax debts are unfortunately very common in Canada, especially among self-employed workers, entrepreneurs, and people with multiple jobs. The good news is that there are several ways you can get out of this. 1. Enter into negotiations If you are unable to pay the full balance of your tax most financial corporations are generally open to entering into payment agreements to be able to spread the repayment over several months. Note, however, that interest charges will be added to your balance, which will increase your total bill. Additionally, warnings are served that if you were to miss a monthly payment, they could terminate the agreement, demand full payment immediately, and take legal action against you. We must therefore ensure that we can meet the conditions of the agreement before committing to it and also provide you with credit counseling Brampton and credit counseling Mississauga. For Revenue related issues in Canada, you can dial a Toll-free number to speak to an agent. We also provide you with a payment agreement calculator.

  3. 2. Submit a consumer proposal The consumer proposal is a solution that allows you to offer a partial repayment (a percentage) of your debts over some time of up to 5 years. Unsecured debts are those that do not offer an asset as collateral to the creditor. Credit cards, lines of credit, overdue bills, and tax debts are common examples of unsecured debt. Mortgages and auto loans are secured debts. As a Licensed Insolvency Trustee we provide you credit card debt solutions in Mississauga and Toronto as we are licensed to administer consumer proposal files. Thus, we can support you to: · Analyze your financial situation. · Write a consumer proposal according to your ability to pay. · Present it to your creditors, including Revenue Canada. · Stop collection calls from your creditors. · Ensure that your proposal is fully executed that your debts are erased.

  4. 3. Declare bankruptcy No one wants to hear the word “bankruptcy”, we understand that. This is why we only recommend this solution in the most severe cases when no other solution is possible. Many assets are exempt from foreclosure in bankruptcy and this could even include your home and your car. Also, it is the fastest, most efficient, and affordable way to settle your tax debts. You should also know that our professionals will be there, aiding you with credit counseling in Toronto by your side, to explain the process in detail and represent you before your creditors. What is the next step? No matter your current situation, no matter how much tax debt you owe, don't hesitate to contact us so that we can help you see things more clearly. You can fill out the form to obtain a free, no-obligation, and 100% confidential meeting.

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