Relief of CRA Tax Debt with Debt Settlement
A tax debt with CRA could be debilitating to most tax payers. If you have a severe tax debt, CRA will not hesitate to use all avenues at their disposal to make you to find some way to pay what you owe them. In case you don’t pay, CRA has the discretion to levy your assets, bank accounts, receivables or even your wage. They have the power to make your life extremely uncomfortable by seizing your property and even your house. When you have debt with CRA, you have more than a simple tax problem; it is an Urgent Tax Crisis.
In place of living in fear realizing what action CRA may take against you, take time to read this page and understand your debt with CRA. You also have the ability to review some of the options available for you to reduce or even to eliminate your tax debt in order to resolve your problems with CRA.
How did You Wind up with your CRA Debt
There are a number of reasons for tax payers to fall in trouble with debt. Some of them are more common while there are others which are not so. Some of the most common reasons for people to end up in debt are listed below.
- Accumulating back taxes with unfiled tax returns
- Tax audit results which are unfavourable.
- Not being able to pay due balances.
- Accrued penalties, fees and the interest accumulated on tax balance.
- Becoming victim to fraudulent means of tax shelter and Detax schemes.
- Early withdrawal of retirement funds and CRA funds
Understand Your Degree of CRA Tax Debt
Normally CRA will communicate with you by mail. In the process they send numerous tax notices, balance due statements and reminders. As you come closer to the imposition of liens and levies you are falling into more serious situations. We strongly recommend you to get your CRA debt addressed sooner than waiting for the problem to aggravate. Look for CRA tax help quickly. Call Tax SOS at (877) 982-9767 or (416)623-9234 or complete the Contact Form to get a free confidential analysis!
How to Find a Solution to the CRA Debt of yours
Whatever is the amount you owe them, we can help you to select a best option for you to pay your tax debt. The following are some of the options.
- A negotiated plan for monthly payment
- To set up a partial payment agreement where payment is made in instalments
- To negotiate a tax settlement in corporation with CRA
- Producing proof to CRA that your tax debt cannot be collected at the moment.
Statute for the Limitations on Collections
CRA should collect tax liabilities within 10 years once they are finalized. Therefore, they will try to negotiate and collect as much taxes as possible during the ten years. They will try to collect the liability and the interest on it. If you like to do the negotiations in order to get the maximum favour to your side, you could contact us for a free consultation today.
Call Tax SOS at (877) 982-9767 or (416)623-9234 or complete the Contact Form to get a FREE & CONFIDENTIAL consultation TODAY!