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informal proposal to revenue canada

my husband and I owe revenue canada just over $50,000. We are struggling to meet the agreed payments, that are not even affecting principal. The payments agreed to be made are now not good enough for revenue canada, and they are going to start garnishing wages and writ our home. We have a family member willing to lend us some monies, but how much would the goverment accept to clear the debt without doing a formal proposal through the bankruptcy?

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One Response to “informal proposal to revenue canada”

A licensed trustee said...

Unfortunately, the Canada Revenue Agency “CRA” (formerly called Revenue Canada) is not likely to accept an informal proposal to repay your tax debt unless you are willing to repay 100% of the debt plus interest and penalties inside 2 years. The reason they won’t accept this kind of plan is fairly straightforward: if CRA did accept these offers then it is likely that no one would ever pay their income taxes.

It is possible to offer all of your creditors, including CRA a proposal pursuant to the Bankruptcy and Insolvency Act. The terms of the proposal will depend on your financial situation and your ability to pay.

If you click on the “Find an Expert” link to the right hand side of the page you shoulod be able to locate a trustee in your area that may be able to assist you with this problem.