Blog

Tax season will be approaching come April, and that can mean large tax bills. Tax debt is a common problem, and it is easy to get into if you’re not careful. Maybe you owe back taxes and can't afford to pay them back as yet? Perhaps you just forgot to file your taxes in time one year?  Read More

First, tax refunds are considered to be an asset. When you file for bankruptcy under the Bankruptcy and Insolvency Act performed by Industry Canada, your trustee will become the administrator of your assets.  Read More

Are you at the stage where you are ready to deal with tax debt? If so, you’re in a good place, even though it probably doesn’t feel like that. Some people take months to be prepared to face tax debt, while others bury their heads in the sand and refuse to deal with it.  Read More

Contributing to both a RRSP and a TFSA is a great way to capitalise on tax advantages to grow your savings. But if you can’t afford to invest in both, which one betters favours your personal financial and tax situation? A Tax-Free Savings Account (TFSA) shares some similarities with a Registered Retirement Savings Plan (RRSP).  Read More

If you have outstanding tax debts, you should immediately get in touch with the Canada Revenue Agency (CRA) to work out a payment plan and avoid steep penalties. That said, the CRA is not that flexible when dealing with debtors. For instance, most penalties usually include added interest as you repay.  Read More

Every year Canadians report a new tax scam. It always starts off the same. You get a phone call from someone claiming to be an employee of the Canada Revenue Agency.  Read More