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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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CCRA Audit

I have just recevied the results of a 2 year Audit of my business affiars – I beleive CCRA is wrong – However I do agree I owe them money – just not as much as they suggest. My question – what duty do I have if I plan to cliam Bankruptcy anyway to fight them? My thinking is why bother putting any further resouces into arguing with them – resources include -time/my health/stress/money?Even if they said I did not owe them – I would still need to claim Bankruptcy forgoing a large lottery win that is.

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One Response to “CCRA Audit”

A licensed trustee said...

You’ve hit on a very practical question – if you “know” you are going to file an assignment in bankruptcy then why spedn any money fighting the Canada Revenue Agency over the amount of the debt? I agree – it doesn’t make much sense.

Before you make your decision, I suggest you speak to a trustee – you want to be certain bankruptcy is the correct solution before you stop your fight with CRA.