What Do I Do When I Havent Filed Taxes In Years

2010-03-15   minute read

I would suggest that you meet or talk to one of our counsellors to determine if it is necessary that all these outstanding tax returns be dealt with. If you know that you owe them money, and they have notionally assessed the returns (IE:  Canada Revenue Agency "CRA" has estimated what you owe them based on what they know about your industry), we may be able to work with just these estimates.  If you agree that they are close and you aren't able to pay them, we can look at your options with just these estimates.  (IE:  is a repayment plan or proposal an option based on your budget, or is the amount too high no matter what the exact number is). CRA for income tax, GST and payroll are debts that are included in a bankruptcy.  They may have different treatment depending on which department it is, but they are all debts to be included.  If you own any assets, it's best to get some advice before CRA files writs against your property.  Once they have filed writs, we may not be able to get the writs taken off. You may ultimately have to put together some estimates of your income & expenses for those 10 years in order to get out of a bankruptcy.  But that is to be determined depending on the specifics of your situation. As an FYI....the child support obligation will not go away in a bankruptcy.  If you need to vary those payments based on your income, only the Family Courts can do that. Our counsellors and Trustees are listed on our website athttp://www.mnpdebt.ca/contact/alberta/default.aspx.  Give one of us a call to talk about your situation. Donna Carson, CGA, CIRP, Trustee Calgary and Central Alberta regions 1.877.500.0792    [email protected]    

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