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4 Ways to Cut the Penalties and Interest on Your Tax Debt

One of the most common questions that clients ask us is how they can reduce the penalties and interest assessed on their tax debt.

CRA has to answer to its political masters, and those politicians have to answer to us – the Canadian taxpayers.  They need our votes.  So they created special legislation and made CRA introduce programs that can help taxpayers when the interest and penalties applied according to the strict rules of the tax policies are unmanageable.

Those programs look simple and fair, but are actually very detailed. the devil is in the details – very precise rules and compliance and many grounds for you to get rejected.  It does not have to be that way.  Knowing and following the rules makes a significant difference to the success rate.  You will need to make a decision whether to try do this yourself or rely on a professional with very specific experience in this area.

Once CRA is finished assessing penalties and interest, a tax debt can balloon. In instances where you were behind filing for many years, were audited and re-assessed on a prior year’s return and/or have had gross negligence penalties assessed, your tax debt can literally double or triple in size with the penalties and interest – significantly more than you owed in the first place.

This free e-book covers:

  • 4 avenues that you can access to reduce or eliminate the penalties and interest assessed on your tax debt
  • How to qualify for each program
  • The process for each program

By the time you are finished reading this e-book it will be clear to you what ability you have to reduce your tax debt and how to do it.

Fill out the form below to download the E-book

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