Don’t Have the Money to Pay Tax Debt?
Free Consultation: (416)716-9065
Case Evaluation: info@taxfixsolutions.ca
(24 Hour Rapid Response)
♦ Cancel or Waive Penalties and Interest
♦ Protect You Avoiding Criminal Actions
♦ Stop Tax Debt Collection Activity
♦ Stop Notional Assessment by CRA
♦ Stop Wage Garnishment
♦ Stop Tax Lien
TaxFix Solutions can fix your tax debt problems and obtain a favorable settlement for you. And delay leads to miss the opportunities for solving the issue, and increase penalties and interest.
Costs of consequences due to Delaying Action to fix your tax debt problem
The CRA has the power and a special set of laws that are applied to tax debt. When it comes to collecting tax debts, the following costly consequences from CRA could be the following.
- Tax debt increasing daily due to compounding interest and penalties
- Wage Garnishment –your employer is contacted by CRA to take funds from your paycheck. And also you may feel embarrassment when your employment is aware of your back tax debt. It can have the negative impact in the work place.
- Seizure of Assets – Your assets will be seized and sold to lower price by CRA to pay back the tax debt, such as houses, cars, etc.
- Bank Levy – your bank account will be frozen and your money is unavailable for use
- Tax Lien – your property will be attached as security for paying back the tax debt
- Criminal Action – your may be sued by CRA as criminal for tax evasion or fraud
From the above, you can see owing back taxes is a serious threat to your financial security.
Take the action now to call TaxFix Solutions at (416)716-9065. You need the help from tax expert to speak to CRA on your behalf. Our committed tax team will secure the most favorable tax relief solution for you and enable you finally to become debt free.
Are you afraid to pay penalties and interest?
Some of the taxpayers fall behind filing tax returns is due to their poor financial situation. This is not the reason for not filing tax returns. You might be in the horrible situation: get criminal charge due to tax evasion. If you don’t pay off the tax debt, interest and penalties that CRA assumed, they will then send collection agent to trace you for the tax debt you owe, or have bank levy, wage garnishment, or tax lien on your assets. Meantime, the tax debt will like a huge hole to eat all your money. CRA will charge penalties for late tax filings on top of taxes owed on filing. In addition to the late tax filing penalties, the basic interest rate plus 4% will be charged on any overdue balance owing on return or on late or insufficient instalment payments. This is the reason why people with unfiled tax returns for multiple years have more tax debts due to accumulated high amount of penalties and interests.
Factors will be considered whether the relief is warranted
For people who do not have the financial means of paying back a tax debt, there are multiple settlement options available. In order to qualify to file the CRA tax relief, or eliminate or reduce interest and penalty charges, CRA will consider the taxpayers’ request depending on the following factors, such as
- An error from CRA, such as delays or errors in processing the tax return;
- Extraordinary circumstances beyond your control, like a natural disaster;
- Health problems or a death in the immediate family;
- Financial hardship like serious financial burdens leading to inability to pay the tax debt or interest and penalty charges, such as unemployment;
- Other occasions not specifically outlined above may be considered; These are only guidelines
Be Careful the “Ten years rule” for income tax relief!
Please note that CRA can only consider requests for tax payer relief for the previous ten calendar years in which an income tax return is filed or the request is submitted. It means that the taxpayer has ten years to request relief for
- Interest or penalty charges elimination or reduction.
- An acceptance for a late, amended, or revoked in income tax election used by the taxpayer in the preparation of his income tax return.
- Income tax assessment beyond the normal three-year period that requesting adjustment or refund.
Failed to get a tax relief ?
Most people are overwhelmed when trying to solve their tax issue by themselves.
Ask yourself a couple of questions:
Do you know where to begin?
Do you know what the current updated tax relief program is?
Do you know what the rule for qualifying those tax relief programs is?
Do you know how to complete the application to get a better chance for a relief?
Do you know your rights?
It is not an easy process for selecting and qualifying for a tax relief settlement. You need an experienced tax specialist with extensive knowledge and skills in negotiation to handle every aspect of the settlement process for you.
