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A weight has been lifted off my shoulders
Senior Estate Manager
Servicing Saint-Georges and 9 other locations
Thank you for making my bankruptcy process much easier than I thought.
I really do wish that I could tell everyone about the consumer proposal with MNP. Everyone I spoke to previously told me that there was nothing that could help me overcome my debt problems. It made me feel like the mistake that I made had ruined my life and I could not see a point where it would ever get better. Finally, after a couple of years of anxiety and sweeping my debt issue under the rug, a friend mentioned MNP. Marcie did not make me feel...
Tax debt arises when individuals owe the government money due to insufficient tax payments. While income tax deductions are typically taken from paycheques as estimates of annual tax obligations, the actual amount owed can vary based on individual income levels. If one's tax deductions do not adequately cover their tax liability, they will owe an amount known as tax debt when filing their tax return. Learn more about tax debt here .
The CRA does have the ability to take collection measures without having to go through the court system. For example, they can: Garnish your wages Put a freeze on your bank account and seize the funds on deposit Withhold certain tax credits such as GST refund cheques to pay down the debt owing Arbitrarily assess any income tax returns not yet filed and apply penalties and interest to the debt owing File a lien on your...
If you're unable to pay your income tax debt in full, consider these options: Payment arrangements : Contact the CRA to set up a manageable payment plan, possibly avoiding significant interest and penalties. Consolidation loan : Explore obtaining a consolidation loan from a bank or private lender to combine your income tax debt with other outstanding debts into a single monthly payment. Bankruptcy or Consumer Proposal : If...
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