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Tax Debt Help
Facing financial issues is difficult, especially when you owe tax debt to the Canada Revenue Agency (CRA). Unlike other situations where you may owe money, you cannot enter into debt negotiations or provide a debt management plan to the CRA in order to reduce the overall amount you owe. Furthermore, there are very few situations (such as the CRA making a mistake while processing your payment, natural disasters, serious illnesses, or extreme financial hardship) in which the CRA will waive or reduce your interest charges or penalties. If you find you’re in need of tax debt help in Vancouver, turn to the Licensed Insolvency Trustees at Crowe MacKay & Company. Thanks to years of experience in the debt management industry, we can provide solutions to your tax debt situation.
Everyone’s financial situation is different and therefore the solution to tax debt help in Vancouver is unique to the individual. At Crowe MacKay & Company, we can help you handle your debt through either a personal bankruptcy or consumer proposal. Both legal processes come with their advantages and disadvantages. You will want to set up a consultation with one of our Licensed Insolvency Trustees to discuss your financial situation and see whether or not personal bankruptcy, a consumer proposal, or some other method of financial management is right for you.
You can include your CRA tax debt in your personal bankruptcy filing with the help of a Licensed Insolvency Trustee. This legal process can give you a fresh start by eliminating most (sometimes all) of your debts. A Trustee can review your situation to see if bankruptcy is the right option as well as ensure that you keep all of your exempt assets should you choose to file.
Another way a Licensed Insolvency Trustee can help you is with a consumer proposal. This process allows you to make an offer to your creditors to repay a portion of what you owe over a certain period of time. When those agreed-upon payments are finalized and the proposal is completed, all outstanding debt will be eliminated. Our Trustee can review your situation and determine if a consumer proposal is the right path to take in handling your tax debt.
For more information about tax debt help, contact Crowe MacKay & Company in Vancouver. We can walk you through the legal processes of personal bankruptcy and consumer proposal, weighing the pros and cons, to help you handle your financial situation.