Revenue Canada while I`m a student
November 1st, 2009 by Questions
I`m a 30 y/o student. Some years ago, I was a self-employed drywaller and decided to go back to school to further my education. Because I was self-employed, I didn`t pay taxes off my payroll and they had to be paid at the end of the year.
The first year I went back to school, I got refused for student loans for having made too much money and I had to use the money I had put aside for my taxes to finance myself. It wasn`t much; only $3000.
The problem is that I never was able to pay it off. Every following year, I would drywall to supplement student loans and I never was able to pay back my taxes; each time a couple thousands per year.
I asked the tax people many times for help; could they just stop the penalties and interest so that the small payments I was making (100-250 month depending) would actually reduce the capital and they refused each and every time.
I`m now finishing school this december with a bachelors. I owe 8 000 in credit cards, 24 000 in a line of credit and taxes are now up to 24 000 as well with interest amounting to 250 a month.
I`m going to see a trustee this friday…any suggestions on what I should do and questions I should ask? With student loans repayments coming up in 6 months from now…I feel I will never catch up with my taxes but I really don`t want to declare bankruptcy.
Thanks and sorry for being so lenghty
Posted from: British Columbia