Posts Tagged ‘tax debt’
Is a Consumer Proposal Worth It?
Many years ago, the Government created a second path to deal with debt, but many consumers still don’t know about this choice. It’s called a consumer proposal.
Read MoreCOVID-19 Economic Response Plan – Income Tax Deadlines Have Been Extended
New tax filing and payment due dates. The due date for filing individual tax returns has been extended to June 1, 2020. Taxpayers will have until September 1, 2020, to pay any 2019 income tax amounts owed.
Read MoreLicensed Pros Provide Options for Student Loan Debt
By consulting a Licensed Insolvency Trustee (“LIT”), you can receive advice about all of your student loan repayment options, not only the options offered by the National Student Loan Service Centre or your financial institution.
Read MoreA Little Extra Time for Self-Employed People to File
Even if you cannot pay your full balance owing on or before April 30, 2018, you can avoid the late-filing penalty by filing your return on time; by June 15, 2018.
Read MoreIncome Tax Deadlines Are Coming Soon But Why Do They Matter?
Even if you cannot pay your full balance owing on or before April 30, 2018, you can avoid the late-filing penalty by filing your return on time, by April 30, 2018.
Read MoreIncome Tax Deadlines
For Canadians, April 30 is the official deadline to file your personal income tax return with the Canada Revenue Agency. If you file your return past the deadline you will be assessed a late filing penalty. The deadline, if you or your spouse or common-law partner carried on a business in 2016, is June 15.
Read MoreWhat is a Deemed Trust?
In a bankruptcy, amounts owing for GST/HST and the employer portion of CPP and EI, and penalties and interest on these amounts are unsecured claims, ranking the same as all other general creditors of a debtor. However, before bankruptcy occurs, CRA may obtain a lien or charge (be filing a memorial judgment) against the real or personal property of a debtor, CRA will be a secured creditor.
Read MoreFiling Your Income Tax Return After Bankruptcy
As part of the bankruptcy process, your Licensed Insolvency Trustee is required to file your income tax return for the year of bankruptcy and any returns that came due during the calendar year prior to bankruptcy. Any tax refunds for either of these periods will come directly to your bankruptcy estate for the benefit of the unsecured creditors.
Read MorePersonal Bankruptcy and Income Taxes – What You Need to Know
When filing a personal bankruptcy income tax debts are discharged the same as any other unsecured debt, such as credit cards and personal loans. If you are struggling with income tax debt or have had your wages garnished then you should seek the assistance of a professional.
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