Dealing with Tax Debt

Taxes debt often occurs due to a financial crisis and catch up payments can be hard to manage in a normal budget.

Money owed to the federal government (taxes) must be addressed by direct repayment of the account or another legal alternative. This debt never disappears and will prevent other lenders from consider loan applications.

The CRA has a great deal of power to enforce repayment and do not need to go to court to seize assets or garnish wages. Do not ignore the situation!

Tax debt needs to be addressed and requires an honest review of what caused the situation and how to avoid a re-occurrence in the future. Before making any payment arrangements with the CRA it is important to know what you can afford or what other options might be available based on the individuals own situation.

Before taking action ask for help from a not-for-profit credit counselling organization that can review budgets, other debts and legal alternatives to address tax debts.

Trusted Financial Advisors

Follow Us