Going into arrears is easier than you can imagine. You miss one payment, then another, and still another, and before you realize the situation, the CRA is calling you. At Leverage Capital, I can help guide you with my experience and qualified advice if you find yourself in this situation.
If you do find yourself in arrears with the CRA, don’t panic. There are ways to solve this issue, and you won’t be left without a way to meet daily expenses and needs. Although it is easy to feel intimidated when dealing with the government, Leverage Capital can make your experience easier.
Arrears occurs when you have one or more payments that you have missed or go overdue. It is when any amount of payment for bills or debt is missing or past due. When it is after the due date, your payment is considered late. This is especially true with mortgages, rent, royalties, water bills, child support, or other loans.
The CRA is the Canada Revenue Agency. It is the revenue service of the Canadian Government and its job is to provide benefit programs, give tax credits, and administer laws, policies, and taxes for the provincial, federal and territorial governments.
I can help you through the process of getting out of Arrears with the CRA. Here are some helpful suggestions.
When You Can’t Pay
Don’t worry if you can’t pay your debt in full. Payment plans can be set up by the CRA, where you will make regular payments over time. You can also speak to a Licensed Insolvency Trustee, or someone like me at Leverage Capital, who has experience in CRA Arrears. I can find solutions to your problem and help you handle the CRA. If you have to declare bankruptcy remember the CRA is just like other creditors when it comes to bankruptcy, so when filed, all collection activity will stop.
If you are facing CRA Arrears, and don’t know what to do, call me. Let me guide you and offer professional support and advice while we work towards getting out of income tax debt. Don’t be intimidated, be proactive. If you need help, Leverage Capital is the place to go so you can get back to doing what you love.