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A Comprehensive Guide to Resolving Tax Debt

Posted by in Tax
20
Feb 2021
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? Tax bills can add up if you haven't ...


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Filing for Bankruptcy: What Happens to Your Tax Refund

Posted by in Tax
17
Aug 2020
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. This means that your income tax refunds for all the years you had not yet received them—until the year of ...


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How to Deal with Tax Debt

Posted by in Tax
22
Apr 2019
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. Now you are ready to understand how to deal with tax ...


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TFSA Vs RRSP: Which Is Better For You?

Posted by in Tax
2
Oct 2017
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? How TFSA compares to RRSP A Tax-Free Savings Account (TFSA) shares some similarities with a ...


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How To Deal With Tax Debt

Posted by in Tax
26
Jul 2017
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. Furthermore, the ...


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How To Spot A Tax Scam Call

Posted by in Tax
25
Jul 2016
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. They say that they absolutely need your personal information (social insurance number, passport number, banking information) so that you can either receive a refund ...


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