May 25th, 2012 by Questions

I have 40,000K owing to CRA I only have monthly payments coming in from an annuity and a LIF ( Which I have already taken the 50% from) no other income no other assets – and am retired
CRA does not wish to accept my payment of $400 a month ( total income monthly is 2800
arrears is due to the cashing of the 50% to which I invested into a business for my wife which at this time is not returning that kind of profit – also future years there will be no where near this kind of $$ due – what can I do

Posted from: Ontario


One Response to “CRA ARREARS”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The first thing you need to do is to contact a local trustee. They will be able to look at your situation in the necessary detail and advise you as the options that are best suited to your situation. However, from the looks of it you will likely be looking at a bankruptcy, largely as a result of the large CRA debt. But potentially consumer proposal may be a possibility as well. Either way, contact the local trustee and they will be able to give you a much more concrete opinion.

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