Owe tax debt to CRA?
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Owing massive tax debt to CRA can be very stressful. If you have financial problem to pay off your tax debt, the interest will grow daily and the tax debt like snowball rolling big that lead to more difficult to pay. Below is the calculation about how your heavy tax debt comes from.
- The tax amount you owe CRA
- Compounded daily interest
- Plus a late filing penalty of 5% of your balance owing
- Plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.
- If you have multiple years of unfiled taxes, the penalty can be increased to 10% plus 2% for each month your return is late, to a maximum of 20 months
If you cannot pay the full amount you owe, take action right away. Ignoring your debt does not make it go away. In fact, waiting may make any financial or legal consequences more serious.
Negotiating an affordable tax payment plan
Dealing with taxes owing and negotiating a CRA tax payment plan with CRA collection agent can be intimidating for anyone. CRA has many ways to retrieve back the tax owing, even will take legal actions against you. The CRA can garnish income or freeze taxpayers’ bank accounts. Unlike most other creditors, CRA does not have to go through the courts so they are able to act very quickly.
If you don’t have tax experts like us to negotiate the tax payment plan, you have to pay the full amount of the tax debt rather than a compromised or reduced amount. Furthermore, the unpaid balance of the tax debt will continue to attract penalties and interest while it remains unpaid.
Don’t panic! You just need a tax professional to help you. We have helped many taxpayers and businesses enter into the agreement with CRA that allows them to make smaller payments over time until they have paid their debt.
Best solution for your needs
“Confidential”! – In order to qualify to get the CRA payment plan for an overdue tax debt under circumstance, you are required to have complete financial disclosure to CRA. It includes the details about your bank accounts, investments, total assets, and your employment etc… The purpose is to prove that the taxpayer is in the difficult financial position which cannot pay in full amount owing.
“Be careful”! – If CRA denies your request or are not in agreement with the plan you want after disclosing all your financial position, CRA may use all information against you to force you to make the full payment.
Now you are lucky to have us on your side. We have helped many our clients successfully negotiate the affordable and reasonable tax payment plan to suit their financial position. This is also an opportunity for you to settle your tax liability for less than what you actually owe the CRA. If your current financial situation clearly shows that you have no ability to pay your debt in full, we will have a solution that works for you. We know how to negotiate with the CRA to let you pay off your tax debt that won’t put you into financial hardship. We are here to help you to get the reasonable payment method accepted by CRA to meet your needs.
Call (416)716-9065 for FREE and Confidential consultation! We fix your tax issues!
Steps to get you the best solution
- We will analyze your financial situation based on all the information provided by you.
- We will then determine the best possible tax payment plan could be accepted by CRA based on your financial information.
- In order to have CRA’s acceptance of your desired tax payment method, we will make sure you comply with the procedural requirements of the program to qualify the payment plan.
Get the relief you need today! We have the knowledge and years of experience to significantly reduce your tax debt.
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