When you owe, but your cash flow is low

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Once upon a time, this cup was filled to the brim, and a juicy olive accompanied the tooth pick that now quietly rests on the desk….

 

Nothing like receiving the little brown envelope from the Canada Revenue Agency (CRA) reminding you of your tax debt as you reluctantly stare at your empty fridge, which is a depressingly on-point indication of your current financial situation.

Here’s what you should do and/ or consider, like, NOW:

  • Make a payment arrangement: Call the CRA and set up an agreement to make smaller payments over time until your debt and applicable interest is paid. Ignoring the CRA will only amp up any financial and/ or legal consequences. IMPORTANT: The CRA may also charge interest compounded daily at the prescribed rate on any amount owing until your balance is paid in full.
    • Here are three ways you can work with CRA to set up a payment agreement today. No one likes to be ignored.
  • Considering bankruptcy? Go to the Office of the Superintendent of Bankruptcy for more information.
  • Business owner? You might qualify for taxpayer relief from penalties and interest charges and reduce your total amount you or your business owes. See  Taxpayer relief provisions if your business qualifies.
  • Financial hardship provisions: Does your debt repayment make it hard for you to pay for food, utilities, housing, and other life essentials? You may qualify for help under the financial hardship provisions.
    • It is your responsibility to contact the CRA if repaying your debt is causing you financial hardship. The CRA will take your situation into account when reviewing your request. For more information and to see if you qualify, call 1-866-864-5823.

Stretch your tax worries away, and request the Homeroom E-return today.

Tax high-fives!

 

 

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