However, help is always readily available.Ĭontact us today and we can get you started on the road to debt recovery.Īlternatively, you can fill in a free evaluation form and an expert team member will get back to you without delay. If you are already struggling with insurmountable levels of debt or bills that you can’t afford, then it can seem like an impossible situation. This is always going to depend on your individual circumstances but a LIT will be able to support you here. If you are out of options, then you can consider filing a Consumer Proposal with a Licensed Insolvency Trustee.Īs Income tax and similar tax debts are an unsecured debt a Consumer Proposal can help you reduce the amount that you owe significantly. They want to make sure that they are able to avoid a difficult precedence.
#Canada revenue agency student loan full
Typically the CRA will not accept anything less than the full amount that is owed by the individual taxpayer. We can negotiate with the Canada Revenue Agency on your behalf and come up with an amount that you can afford to pay back every month. Our process is a simple but effective one. However, this will only provide forgiveness for interest and penalties. Here at BSCC, we have experts who can help you structure your debt in such a way that you pay it all back without debt collectors on your back. These are the types of situations where the CRA will be more likely to forgive you for these costs. You might also have been faced with severe emotional distress. It’s possible for instance, that you have been unable to pay due to suffering from an illness or even a natural disaster. Typically, you will need to show evidence of extraordinary circumstances, usually because of financial hardship. Logan Liut Toronto, Ontario, Canada Undergraduate Student Intern at the Canada Revenue Agency LOGAN LIUT is focused on 2SLGBT+ and Francophone rights in an Anglophone-majority urban and multicultural city. You can find rules surrounding this on the CRA website.
In certain cases, the CRA may provide relief from both interest charges and penalties.
You might also need to show income projections and show why you can’t get a loan to cover the tax debt. You will also need to make sure that you do fill out any outstanding tax returns. You will need to make sure that you explain the circumstances that have left you unable to pay your tax. Payments can stretch over an extended period such as ten months. The CRA will often work with you to help ensure that your tax obligation is resolved.įor instance, you might be able to set up monthly payments to make the cost more affordable. Schedule Your Free Consultation Negotiating Your Payment Terms Need Help Reviewing Your Financial Situation?Ĭontact a Licensed Trustee for a Free Debt Relief Evaluation