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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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CRA Fairness Board

I was informed that if you write in to the Revenue Canada fairness board, they have the ability to eliminate or reduce interest and penalties on back taxes if you provide a valid reason for the tax debt and prove that you are experiencing financial difficulty. I have not filed my income taxes for the last few years and I plan to do so shortly. I know that I will have a large debt to pay to Revenue Canada, a sum that I will need to pay off over several years and that I may not be able to pay off entirely. Am I better off to start asking the fairness board for some debt relief, or instead immediately try to file a consumer proposal ? Would there be a problem if I did both… get a reduction in interest and penalties from the CRA, and then subsequently also file a consumer proposal) ?

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One Response to “CRA Fairness Board”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

While this â€œfairness boardâ€ does exist, as a general rule Revenue Canada will not accept less than the full amount owing. Their logic is simple. If they allow you to pay less than the full amount owing, they may be forced to make the same deal with everyone else. The only way you can successfully make a settlement offer is through the filing of a proposal. I would recommend arranging to have your taxes filed and contacting a trustee in your area to begin the formulation of a proposal.