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tax help

what options do i have if i owe taxes and will pay but need time ?

Posted from: Ontario

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One Response to “tax help”

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.