Sole Proprietorship, Source Arrears and personal bankruptcy
November 15th, 2006 by Questions
2 yrs ago assessed at $100 000.00 source arrears ($10 000.00 penalties incl.). Over approx. 1 year I paid it down to $65000.00. I also owe aboout $10000.00 GST. This was a sole proprietorship in my name. I have not operated this business for one year because it was losing money. The last year I have earned very little money and have avoided any pmts and contact. I also have a bank loan for $7500 (assets worth $5000) and a credit card (same bank) for $6700.00. I have stressed and tried my butt off this last year to come up with a way to pay this off and I can’t do it and have to give up. I need to get a job. I have no assets. How am I likely to be handled by CRA?
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)