concerned daughter
My father is self-employed and owes money to HST and income taxes for his business as a sole proprietor. Is there a possibility that there can be a reduction set with CRA for the amount he owes?
if he files for bankruptcy will all his debts to CRA be eliminated? after bankruptcy is there a possibility that he can still owes income taxes/HST to the government?
Posted from: Ontario
If your father has a good reaosn why he hasn’t paid his taxxes he can apply to the Farirness Commission of CRA and ask that any interest and penalties on his accounts be dropped. Fairness won’t reduce the tax, but they might reduce the rest…
If he doesn’t have a good reason then CRA doesn’t have the ability to reduce the debt. Your dad has the right to avail himself of the Bankrupcy and Insolvency Act to reduce or eliminate the debt.
There would ahve to be something unusual (and by that I mean criminal) about your father’s tax debts for them to survive a bankruptcy.
Use the links to find a trustee near your father and book him an appointment to go in for a chat…