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Blogs tagged with tax debt

Need Taxpayer Relief? CRA Actions Could be Your Grounds

If you’ve been assessed a tax debt, and penalties and interest have been applied to this debt, you’re probably feeling overwhelmed and unsure about how to approach the situation. The Taxpayer Relief Program is one that gives the CRA the ability to grant relief from penalties or interest on a…

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Tax Filing Deadline Approaching – CRA Penalties and Interest

The tax filing deadline is fast approaching, and for many Canadians that means a tax debt that can eat into your savings account. For most, a tax debt and the resulting CRA penalties and interest are a pain, but that doesn’t stop them from accumulating. To help those who are…

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Don’t Let the Fear of a Looming Tax Debt Keep You From Filing

With the tax filing deadline fast approaching, many Canadians who know that a tax debt is likely headed their way may be considering holding off filing. This is sometimes done in the hopes of finding the financial resources to pay the tax debt before the Canada Revenue Agency is made…

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Still Waiting? The Problem with the Notice of Objection Process

Often the Canada Revenue Agency comes across as a rather strict, omnipresent entity that regular Canadians have no access to. When an assessment is received, most accept without question what is contained within, not realizing that avenues do exist for some relief. However, it is important to understand that, if…

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Getting to Know the Taxpayer Relief Program

When it comes to the Canada Revenue Agency and your income tax responsibilities as a Canadian, it continues to astound us how many myths exist with regard to the system and how it works. Unfortunately, far too many Canadians operate under the assumption that tax amnesty exists in Canada, an…

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CRA Cracking Down on Tax Havens – Why the Voluntary Disclosure Program is Your New Best Friend

A few weeks ago, we spoke about an announcement made regarding suggested changes to the Voluntary Disclosure Program – a valuable program offered by the government which grants relief of penalties and interest on a tax debt to those who qualify. These suggestions come after harsh criticism that the Canada…

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Giving the Gift of a Tax Debt: Section 160 Assessments

In most circumstances, when someone gives you a gift (unless of course it is yet another subscription to the ‘Jelly of the Month Club’), the term ‘don’t look a gift horse in the mouth’ is appropriate. This is especially true when that gift is monetary or real estate in nature…

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Tax Debt: Settling with the CRA

So you’ve received your assessment back from the Canada Revenue Agency. Unfortunately, unlike last year’s return where you received a nice little refund, this year you are staring a tax debt in the face. Ignoring it, hoping the CRA will forget about it, may seem like a reasonable plan, but,…

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Defenses Against Director’s Liability

A few weeks ago we provided a primer on director’s liability, and since that time we have received a number of follow up inquiries regarding defenses against this common and troublesome issue faced by many in positions of responsibility. With that in mind, this week we aim to cover some…

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Use Your Home: New Housing Rebates

When tax season rolls around, most of us look for the usual rebates – maybe the use of a home office or gas in a work vehicle, but did you know that you can also use a new home to collect a significant tax rebate? The GST/HST New Housing Rebate…

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