Do You Have Problems with Tax Debt?
Does this sound like you?
Jack Hubert owns a small business and has run into trouble with Revenue Canada. Due to illness he fell behind on payroll taxes and now has about $30,000 of tax debt. What should he do? What are his options for dealing with tax debt?
Dealing with Tax Debt – Your Options
Our suggestion to people dealing with tax debt problems is to first try to work out a plan of repayment with Revenue Canada. It is possible that they will allow you to pay back your tax debt over a given amount of time. If this is not an option, then you might be able to file a consumer proposal, or file for bankruptcy. Both of these options would give you a financial fresh start. It is highly recommended though that you consult a licensed bankruptcy trustee before you make a final decision.
