Small business owner facing tax debt?

As a small business owner you have worked hard to grow your business.

You have concentrated on building a client base by offering excellent services in a timely, reliable manner.

Like many small business owners you are excellent at your profession but administration is not your strong point.

As a busy entrepreneur, you have not always had the time to file your personal returns or business returns and suddenly CRA appears after a number of years.

They have now arbitrarily assessed you for unpaid taxes – both personal and business – with significant penalties and interest for non-filing.

In a flash, all you have been working so hard to build is in jeopardy.

You know your business does not have the cash flow to pay this tax debt and CRA also tells you that you must now file and pay current remittances. They are threatening you with collection action.

CRA can seize your bank account, lien your house or contact your clients to seize your receivables from them directly.

You feel trapped with no escape.

You have heard somewhere that you cannot get rid of tax debt. But the reality is – you CAN.

A proposal is a legal settlement made to your unsecured creditors that INCLUDES any and all taxes owing to CRA. It gives you the most important thing – time – to restructure your business debt.

A proposal stops your creditors, including CRA, from taking any further collection actions. It also stops interest and penalties from accruing.

A Licensed Insolvency Trustee will sit down with you, review your cashflow and set up a payment plan that will reduce your tax debt by a significant amount. You do this while keeping control of all your personal and business assets.

It provides a fresh start for your business and will allow it to continue to grow in the future while dealing with old debt in a formal, manageable fashion.