Tax Debt Relief
Tax Debt and Insolvency
Tax Collection and the CRA
Where taxes are owing to the government, the Canada Revenue Agency (CRA) has the authority to:
- freeze bank accounts
- seize investments like GICs
- garnish wages
The CRA can even register a lien against your home for taxes owed.
Unlike other creditors, the CRA many times does not need a court order to seize your property or money.
★★★★★ I owed taxes for my small business and I hadn’t filed my personal taxes in 2 years. Truth is I was scared it would wipe me out. My friend suggested YanchDey to get some advice. I called and they were very helpful and informative. We brought my taxes up to date, I filed a proposal and will be clear and debt free in 2 years. The stress relief was worth everything. Thank you Paul Vorvis, Ajax
Tax Debt in Insolvency
- tax debts such as income tax, GST/HST, source deductions and director’s liabilities,
- will be discharged upon completion of the process
- meaning you’re released from paying tax debts you owed prior to filing
- collection by Canada Revenue Agency such as
- seizing your bank accounts or wages will stop
- owing more than $200,000 in personal income tax
- may delay your discharge in a bankruptcy scenario
We’ve helped thousands of individuals get a “new tax life”, or clean slate.
We make it so you can focus on new tax filings, rather than trying to pay years’ worth of back taxes.
If you want to find out about options for taxes owed contact us at 905-427-6647.
Who has Tax Debts
A large number of the people we see have tax debt or owe money taxes that they have not been able to pay.
Your Good at What You Do
As with many business people, trades people and tax payers in general they are usually very good at the jobs they do. The bookkeeping and accounting may be an unfamiliar field.
Businesses require filings and accounting and thats where professionals can help.
Sometimes being unaware of when tax returns are due, or how to file with the CRA can cause a person to become behind in their tax responsibilities.
The idea of knowing that you will owe, can even prevent you even attempting to prepare the return!
Whether it be income tax, HST returns, corporate tax returns and financial reports, a bookkeeper or accountant can dramatically assist in ensuring that your taxes are up to date.
Many people are so overwhelmed by their tax burden that they bury their head in the sand. The tax situation becomes worse every year, until finally the taxes owing can be overwhelming.
This is where YanchDey can help with your finances and tax problems.
Eliminating Your Tax Debt
In discussing your finances we will formulate a plan to eliminate all your debt including taxes.
We can look at the reasons that brought you to this situation and help you to avoid them in the future.
In helping with your tax debt forgiveness, we will ensure you’re on the right track with solutions and a plan for your taxes in the future.