Category: Bankruptcy

Can CRA Force Me Into Filing Bankruptcy?

Taxes owing and unfiled tax returns are a serious issue in Canada. Canada Revenue Agency (CRA) has always taken a tough approach to individuals or businesses who are in arrears, either through unpaid taxes or having not filed returns. Filing tax returns is a statutory duty under the Income Tax Act (ITA) in Canada. Failure to do so can land you in trouble with CRA.



How Will my Credit Rating be Affected by Filing a Bankruptcy or a Proposal (‘Consolidation’)?

A common question Licensed Insolvency Trustees field is “How is my credit rating affected if I file a bankruptcy or a proposal?” Generally by ‘debt consolidation’ they are referring to a Consumer Proposal, which is a form of that. But let’s deal with bankruptcy first.



Can CRA Force Me Into Filing Bankruptcy For Not Filing and/or Unpaid Taxes?

Taxes owing and unfiled tax returns are a serious issue in Canada. Canada Revenue Agency (CRA) has always taken a tough approach to individuals or businesses who are in arrears, either through unpaid taxes or having not filed returns. Filing tax returns is a statutory duty under the Income Tax Act (ITA) in Canada. Failure to do so can land you in trouble with CRA.






Canada Revenue Agency’s (CRA) powers and your options to stop them

“You can’t fight City Hall.”

That’s what they say, isn’t it? And that counts double for the federal government for a lot of people. Canada Revenue Agency (CRA) has  long been viewed by Canadians as the ‘godfather’, that enormous, all-powerful entity embodying for many all that is bad in government.