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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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revenue canada

We owe Revenue Canada and are having trouble paying them back…are we able to negotiate a debt settlement with them?

Posted from: Ontario

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One Response to “revenue canada”

A licensed trustee said...

Yes and no. CRA will negotiate a 1 (or possibly 2 year) repayment for income taxes, but that’s about all they are authorized to do. You may also hire either a tax accountant and/or a tax lawyer to negotiate on your behalf. They can get you longer to repay and likely have the interest and penalties reduced. You may also file a consumer proposal or personal bankruptcy to deal with yoru tax debt, but it will also impact all of your other debt (and credit) too.

You might start by requesting a meeting with your CRA collector – they should outline all of the options I just listed and usually they will give you a frank assessment of which one makes the most sense for you.