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owe alot in taxes

I owe a lot in back taxes ( over 35,000 in personal and get taxes.))
I am a contractor and am self employed. They want payment in full now. i do not have any savings or own any property. And do not have anyway of paying.
What can happen to me or my wife and kids? I don’t know what to do now ?

Posted from: British Columbia

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One Response to “owe alot in taxes”

A licensed trustee said...

CRA has the right to demand payment – we all have to pay our taxes. If you are unable to pay they may simply demand payment directly from your customers. If they ask you for a list of your customers or your receivables then they are likely getting ready to do just that. Or they may simply seize your bank account.

You have the right to file a consumer proposal or bankruptcy to deal with tax debts. One of the conditions if you do either of these things is that you keep any new taxes you owe current during the proposal or bankruptcy. If you don’t then the procedure won’t work and you’ll still owe the same debts you started with.

Best advice – speak to someone about your situation. Learn your options and then pick the one that is best for you and your family.