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cra

i do not have any debt thru creditors , my problem is with cra i recently had a reassesment. me federal tax is $7.000 but with penalties and so on they want $37.000 thousand dolars what am i suppose to do.im very stressed out and dont know what to do my accountant said i should file for bankruptcy …please help

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One Response to “cra”

A licensed trustee said...

Your accountant’s answer may be correct, but beofre you decide to file you should ask about the Fairness Commission at CRA. If you have a reasonable argument as to why you reported the income the way you did in the first place then the Commission has the right to wave your interest and penalties. Maybe you won’t have to pay $37,000…