Tax debt is a horrible situation to find yourself in, but there is no need to lose confidence in yourself. There are options available for those who are genuinely struggling, and we would like to help by giving you some more information about them.
If you are looking for a tax debt solution, it is possible to make a deal with Canada Revenue Agency; the authority formerly known as Revenue Canada. Before looking at the different options, there are two important points that you need to remember. Firstly, applying for help won’t wipe out any charges against you. You will still continue to be charged interest and penalties, and this will keep happening until you have paid your debt in full. Also, if you are unable to reach an information with Canada Revenue Agency, they do have the power to with-hold certain tax credits until your debt has been paid. They also have the ability to taken funds from your bank account and straight from your wages, which is not something to take lightly. Don’t forget you are in a serious situation; there may be ways out for you to take though.
If you owe Canada Revenue Agency but don’t have the ability to pay the balance all at once, you may be able to arrange some payment terms with them. For this, you will need to contact your nearest Canada Revenue Agency office and explain your circumstances. It is completely up to the Canada Revenue Agency to decide if they will accept your offer, so you need to make sure that your proposal is solid and respectable. If it’s not, you might find that they decline it and decide to take further steps towards securing the money you owe them instead. As a general rule, they will not accept less than the money you owe them. The simple reason for this is that they will them find themselves having to make the same deal with others. There are exceptional circumstance though, if you do a little research.