If you believe that one of the most frightening things about your out-of-control debt load is your Income Tax debt – don’t despair – there is hope.
For the “honest but unfortunate” insolvent debtor whose Federal and Provincial Income taxes are not up to date – it is possible to have Revenue Canada accept a reduced amount on outstanding taxes when a Consumer Proposal or Division I Proposal is filed. Taxes may be dischargeable in full upon filing a Bankruptcy.
At David Sklar & Associates, we frequently work with and help people who are overwhelmed by their debt load and have fallen behind in the filing of their Income Tax Returns. Call us at 416-498-9200 to book your free consultation and discover how we can help you.
If it is determined during your consultation that you should file a Proposal or a Bankruptcy, we will help you prepare the required documentation. This will include helping you to get your Income Tax reporting up to date (a necessary step in determining the total amount of debt owed). We will file a Proposal or Bankruptcy on your behalf, and present the required information and request for reduction to your unsecured creditors including CRA (Revenue Canada).
The results of filing vary from situation to situation – and Revenue Canada has far more power to act independently than most unsecured creditors, but our experience has been that Revenue Canada is reasonable in its handling of “honest but unfortunate” insolvent debtors.
If you are overwhelmed by your debt load and want to explore your options – Call David Sklar & Associates at 416-498-9200 or get started with our Quick Assessment Form to book a Free Consultation. We can help you select the best option to get out of debt and get on with your life. With six offices in the Greater Toronto Area – we are here to help.
If your debt problems seem insurmountable – we can help. At David Sklar & Associates, our Licensed Debt ProfessionalsTM have the experience and knowledge to help you get out of debt. During your consultation, we will help you understand what your current financial situation is, how best to fix it, and how to move on to a better life. With six offices in the Greater Toronto Area – we are here to help.
Call Us Today For a Confidential & Free Initial Consultation Call 416-498-9200