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| *The Commerce Journal>>>Canada Taxes |
Cra says I owe forty thousand ,back taxes and penalties and interest.? |
Will cra deal with me and maybe take a settelment maybe the $40,000 less penalties and interest CRA does not make deals. They do follow fairness legislation, however, and will take your individual situation into account. If you didn't file/pay your taxes because of financial hardship, or illness, or reasons beyond your control, then they may relieve some or all of the penalties and interest. You will have to file all outstanding returns, and work with CRA for a payment arrangement. You will also have to provide full financial disclosure to them, if you are asking for relief based on financial hardship. The following link provides information about what the legislation contains, and how to apply. http://www.cra-arc.gc.ca/agency/fairness... The only other option would be a proposal under the bankruptcy and insolvency act. You'd still have to pay the interest and penalty assessed to date, but it would stop additional interest from accruing. You can't just make a proposal for your taxes, though - all creditors would have to be involved, and your creditors (including CRA) will be able to vote on the proposal and accept or reject it. Again, their decision would be based on your ability to pay (could you pay in full if you sold all of your assets), and your history with the individual creditors. If your debts are over $75,000, you'd be filing a Division 1 proposal. In that case, if the creditors vote no to your proposal, you'd be bankrupt. Obviously the preferences from CRA's standpoint, and that rest of Canada's taxpayers (like me) would be for you to provide: 1. payment in full if you are able to, and 2. if you aren't able to, for you to work with CRA on a mutually acceptable payment arrangement. The collections policies can be found here: http://www.cra-arc.gc.ca/e/pub/tp/ic98-1... |
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