Feeling Like A Hamster On A Tread Wheel Dealing With CRA
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.
- 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.
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.
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