May 6th, 2009 by Questions
what options do i have if i owe taxes and will pay but need time ?
Posted from: Ontario
May 07, 2009 at 1:02 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
The first thing to do is to discuss this directly with Canada Revenue Agency (CRA) and see if they will agree to repayment terms. Often CRA will cooperate with payment agreements of this sort.
If you are unable to make arrangements with CRA you may then need to look at filing a consolidation loan. Of course this will depend on being able to find an institution willing to lend money and this will depend on how severe your situation and the presence on any additional debts.
If the consolidation loan doesn’t work there are potentially consumer proposals or in worst case scenario’s bankruptcies, but from the sounds of it that is not what we need to explore.
However if you discuss things with CRA and they aren’t willing to come on board you are probably best to contact a local trustee and together you can look at the next available alternatives.
Log in to Reply
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.)
You must be logged in to post a comment.