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Revenue Canada while I`m a student

Hi!

I`m a 30 y/o student. Some years ago, I was a self-employed drywaller and decided to go back to school to further my education. Because I was self-employed, I didn`t pay taxes off my payroll and they had to be paid at the end of the year.

The first year I went back to school, I got refused for student loans for having made too much money and I had to use the money I had put aside for my taxes to finance myself. It wasn`t much; only $3000.

The problem is that I never was able to pay it off. Every following year, I would drywall to supplement student loans and I never was able to pay back my taxes; each time a couple thousands per year.

I asked the tax people many times for help; could they just stop the penalties and interest so that the small payments I was making (100-250 month depending) would actually reduce the capital and they refused each and every time.

I`m now finishing school this december with a bachelors. I owe 8 000 in credit cards, 24 000 in a line of credit and taxes are now up to 24 000 as well with interest amounting to 250 a month.

I`m going to see a trustee this friday…any suggestions on what I should do and questions I should ask? With student loans repayments coming up in 6 months from now…I feel I will never catch up with my taxes but I really don`t want to declare bankruptcy.

Thanks and sorry for being so lenghty

Posted from: British Columbia

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One Response to “Revenue Canada while I`m a student”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The only thing I would suggest is make sure that when you meet with the trustee be prepared. Come with a list of who you owe, how much you owe, and a sample budget. It is also helpful if you put together a list of things that you are concerned or worried about. But other than that the trustee will largely take the lead, digest the information you provide and then explain how the alternatives that are available will unfold given your situation.