If you’re looking to break free of personal debt once and for all, we can help. We provide debt and bankruptcy solutions that are life-changing and permanent, so you can erase debt from your life.
Our Life-Changing Debt Solutions are designed to permanently get you out of debt once and for all – so you can stop worrying and start living again.
Debt can be overwhelming. For that reason, our Licensed Insolvency Trustees are always here for you. let’s discuss the options available to you. Your debt-free future starts now.
Sometimes life doesn’t turn out the way we expected and we find ourselves overwhelmed with debt.
Carrying any kind of debt can feel like a burden. And if you happen to owe money to the Canada Revenue Agency (CRA), it’s not a problem that will go away if you ignore it. You may be able to fly under the radar for a little while, but the CRA will catch up to you and seek repayment eventually. They will use a variety of collection remedies such as freezing bank accounts, garnishing wages, garnishing pensions and registering liens.
If you cannot pay your tax debt, the CRA may be willing to accommodate your situation. You may qualify for a payment arrangement — an agreement you make with the CRA — or ask for taxpayer relief. A payment arrangement would allow you to make payments over time until you have paid your entire debt, including applicable interest. To draw up a payment arrangement, the CRA will usually ask for proof of income, expenses, assets and liabilities. If you miss a payment or have unfiled tax returns, the CRA will often cancel the payment arrangement and take action to recover your debt.
An LIT Can Help You Set Up a Consumer Proposal
If the terms required by the CRA are unsustainable and you cannot make your payments, this may be a good time to speak to a Licensed Insolvency Trustee (LIT).
The main difference between a payment arrangement with the CRA and a
Consumer Proposal is the
Consumer Proposal’s ability to affect a person’s debt to the CRA and stop the accrual of interest charges. The CRA recognizes the authority of filing a
Consumer Proposal under the Bankruptcy and Insolvency Act and the inability of the debtor to repay their indebtedness. If a Consumer Proposal is accepted, the CRA will have no choice but to write off the debt.
In certain years, it has been reported that CRA has written off more than $2.5 billion in tax debt. Most CRA agents are sympathetic and recognize that difficult things sometimes happen in life. However, sympathy does not provide a legal basis for a CRA agent to agree to a write-off. Filing a
Consumer Proposal will. Don’t hide — seek the advice of an LIT and be on your way to a debt-free life.
The sooner this process can begin, the more options that are available — and it all begins with a
Free Confidential Consultation with an LIT. You’ll learn about
Life-Changing Debt Solutions, such as a
Consumer Proposal. A Licensed Insolvency Trustee will identify debt-reduction strategies you may benefit from and offer a detailed explanation of every option, providing the information and perspective you need to make the right choice for your unique situation.
Based in Southern Ontario
John Athanasiou, CIRP, LIT, CPA, CMA, is Senior Vice President and Licensed Insolvency Trustee with MNP. To learn more about how MNP Debt can help, contact our local office at
905.646.6002 or toll-free at 310.DEBT (310.3328).
Our team of Licensed Insolvency Trustees will help you
explore the debt relief options available to you and
together we will find the solution that best fits your
situation. Set up your FREE, no obligation consultation
MNP is committed to protecting your
privacy. We promise to keep all of the information you share
with us confidential.
*310-DEBT doesn’t operate in MB, NW ON and QC.
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