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Personal Bankruptcy Edmonton

Feeling Like A Hamster On A Tread Wheel Dealing With CRA

Say your company is behind on its trust accounts with the Canada Revenue Agency.  This is a very common problem in Canada given the current economic climate. The Canada Revenue Agency wants you to make large payments on your arrears.  Their policy is to apply your payment to the oldest arrears first.  Now, because the collector is insisting that you make the large arrears payments, you cannot make a current payment.  Once again you will get a repeat late remitting penalty of 20%.
You will never get out of this by listening to them.  This is the worst way to make a payment arrangement and it tips the playing field in the direction of the Canada Revenue Agency.
I am not saying that your company does not have an obligation to pay these trust accounts because they do and they should.  All we are talking about is the way the situation should be managed.
tax consultants edmonton
These are the things that the collector from the Canada Revenue Agency can do to your company when they tell you they will take legal action.

  • They will serve a requirement to pay on your company`s bank account and intercept all money that is being deposited.  They will also clean out the bank account and take all the money that is in it.  This will effectively bring your company to its knees as it cannot pay any bills, including payroll.  They always forget that the employees rank ahead of the Canada Revenue Agency in an insolvency action.  This action will destroy the company`s relationship with the bank.
  • They will ask the company for its accounts receivable list so that they can serve the company`s customers with a requirement to pay.  This will make your customers go to another supplier to replace your company as they will lose faith in your company.
    They can try and enforce a deemed trust which makes the Canada Revenue Agency a secured creditor.  This action will scare all of your suppliers who are not secured.

If your company becomes insolvent the Canada Revenue Agency can assess the directors personally under the Income Tax Act and the Excise Tax Act. If you find yourself in this situation you should contact Cawston & Associates for advice.  We will help you make a proper payment arrangement with hopes of saving your company.
We can deal with the Canada Revenue Agency on your behalf.

Do not become that hamster on a tread wheel just going in circles.

 

Meet Bill and Trevor Cawston of Cawston & Associates

Contact Cawston & Associates Inc.
Phone:      403-251-5925
403-764-1476
Fax:        403-251-2968
Email:        taxationrelief@gmail.com
This article was written by W. N. Cawston who started his Income Tax career at the Department of National Revenue (now called the Canada Revenue Agency) in 1970 in Calgary, Alberta.

 

Personal bankruptcy can be a difficult and scary thing to face, and we are here to take you by the hand and help you through it. Our team of experts are all highly trained professionals, and will make you feel welcome and part of the plan rather than leaving you on the outside. We will walk you through all of the options available to you, and always offer the best service available.

If you don’t know about the other steps you can take before applying for bankruptcy, then we promise to give you as much information as we possibly can, so that you can make your own informed decision. Applying for bankruptcy is a last resort option for honest individuals who have no other way of getting out of their financial difficulties. There are certain requirements you need to fulfil in order for your bankruptcy claim to be made legal, and we will work with you to ensure that you meet these requirements. If you don’t, then don’t worry we are not going to leave you out in the cold. Our experts will build plans to help you get back on your feet, so that you can carry on with your day to day life and gradually erase the situation you have found yourself in.

If you are eligible to apply for personal bankruptcy, then we have groups of other professionals we will work with in order to ensure that you get the best result. We will take control of your tax returns to ensure that they are completely properly and sent in on time, and we will strive to ensure that not all of your assets are taken from you. We will work to let you keep hold of assets such as vehicles and property, as well as more personal assets and even some life insurance proposals.