CRA Arrears Pickering

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    When life throws surprises your way and you end up in arrears, it can be easy to be overcome with stress and fear of the future. When the CRA gets involved, don’t hesitate to get in touch with me at Leverage Capital. I can offer you expert and qualified direction when it comes to CRA Arrears. If you are contacted by the CRA, I can help.

    What is the CRA?

    CRA is the acronym for the Canada Revenue Agency, a part of the government of Canada. It is a revenue service that has many jobs. The CRA administers policies, laws, taxes, tax credits, and territorial, provincial, and federal benefit programs. Don’t expect the CRA to just come in and expect you to hand overpayment. The CRA can only take action when they can’t come to an agreement with you or the person involved. If you don’t file income tax restaurants or other common required documents like a GST/HST Return, they will have to act.

    What does the CRA Do?

    This government body contributes and assists in the social and economic health of the public in Canada. This is done by making sure the public is complying with the government, administering benefits, programs, and taxes. The Canada Revenue Agency collects overpayments of child and family benefits, as well as GST and HST Tax credits. If there is an outstanding balance, The Canada Revenue Agency can keep a part of any future payment or all the payments until the debt is paid in full.
    If you do not pay, the Canada Revenue Agency can do the following:

    How Do You Get Into Arrears, and How Do You Get Out?

    Arrears occur when payments are missed or your payments become overdue. When your payment’s due date passes, it is considered late and will go into arrears. Any type of payment can go into arrears.
    These payments include:
    From your payment’s first due date, the CRA can put it into Arrears. To get out of Arrears, you can simply pay the money you owe. This is not always easy, but the CRA just wants you to pay the tax debt. The following suggestions can help you get out of arrears.
    If you can’t pay the debt, speak to the CRA and they will work with you. They can help set up a plant that you can handle. Usually, they design a plan with regular payments that are spread out over a period of time. You can also talk to Licensed Insolvency Trustees to help you with this issue. There are options like consumer proposals or bankruptcy. The CRA is treated as a creditor, and once a bankruptcy is filed, collection activity stops. The goal is to pay off the debt over time.

    Contact Leverage Capital today!

    Although this may be a difficult time for you financially, There is no need to worry as I am here to help you get through it and offer advice. At Leverage Capital, I use my experience and knowledge to help you get positive results.