CANADA REVENUE AGENCY (CRA)

YES! THEY WILL MAKE A DEAL ON TAXES OWED!

Most lawyers and accountants, at one time or another, have attempted to talk to CRA in regard to one of their clients, in order to have their client pay part of their debt to CRA, and thus avoid going bankrupt. A few years ago, CRA enacted the "Fairness Package". This has not proved to be a very flexible plan to enable people to make a deal with CRA. To the frustration of the professionals who have tried to make a deal, they have found it impossible because CRA staff do not have the discretion to compromise any debt.

However, if a company or an individual files a proposal under The Bankruptcy and Insolvency Act,, even with CRA as a major creditor, then CRA will consider the case on its own merit and, if the proposal has merit, will support the proposal. Our firm has filed many proposals, for companies and individuals with considerable CRA debt, where only a fraction of what is owed is paid.

It is our experience that CRA will support a Proposal so long as it has merit.

For more information refer to the following web pages:

Business Proposals - Saving a Company from Bankruptcy;
Personal Proposals - Avoiding Bankruptcy;

 
 

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