Handling Debt During Income Tax Season
It’s that time of year again! Income tax is due yet a surprising number of people can’t afford to pay the CRA the taxes they owe. Are you one of them? Do you not know which way to turn because you owe tax, have personal debts, or are maybe on the edge of bankruptcy?
If you are seeking debt help, the professionals at D. & A. MacLeod are here to offer you advice.
Do I need a Licensed Insolvency Trustee?
Before you decide if you need a Licensed Insolvency Trustee (LIT) let’s explain what it is and what they can do for you. A LIT is a trustee who is licensed to provide insolvency services including both bankruptcy and consumer proposals and will give you impartial advice on solutions which will resolve your debt issues and how to go about it.
Trustees will look at your individual financial situation and if bankruptcy is right for you they can deal with the procedure on your behalf. But before getting to this stage they can give you additional advice during consultation on:
- how a consumer proposal or a bankruptcy will affect your income tax debt
- lifting a freeze on your bank account
- discharging payroll source deductions
- stopping calls and pressure from your creditors
- administration of bankruptcy or a consumer proposal
- preparing a debt consolidation to manage credit card debt
- provide credit counseling to establish a realistic budget to manage your debts
- help you set both short term and long term financial goals
D.&.A. MacLeod are here to provide you with debt help. We are a team of experienced professionals who have helped many clients in the Ontario region to handle their tax and personal debts. If you’re struggling to pay a large tax bill or other debts and want a solution to the problem don’t hesitate to contact us today.
Many of us don’t want the stress of having to talk to and negotiate with our creditors. It’s bad enough receiving the bills and getting phone calls, and sometimes the problem seems impossible to deal with. However, ignoring your debts is not the answer. Facing debt problems is the responsible way forward, and we can help you get your finances under control. As one of Canada’s leading Licensed Insolvency Trustees we can review your financial situation and give you debt help so you can move forward.
What about Tax Payer Relief Provisions?
In some cases, when you owe a large amount of tax to the Canada Revenue Agency (CRA) there may be some leniency on tax obligations. This can include:
- waiving penalties and interest
- acceptance of late filing of returns
- providing tax refunds beyond the normal 3-year period
The circumstances can be quite complex so we advise talking to a professional if you feel you may be entitled to tax relief.
Take control – prepare for your tax payments
Like it or not, we should pay our due taxes on time. Rather than ignore tax season it’s advisable to set aside an amount every month so you know you can afford to pay your tax bill. This will put you in control of your taxes and allow you to pay what is owed when you receive the bill. Imagine the freedom of not having to worry about your tax bill because you’ve been sensible and have saved enough to pay.
Learn About Your Options—Book Your Free, Confidential Consultation Today
If you feel you can’t do this because you already have debts, we’re not just Licensed Insolvency Trustees – we offer a wealth of other financial advice services to keep you on track and make your money work for you. So let’s face those financial worries together right now and work out a plan of action so you can take control of your life.
With over 65 years of experience, we have been helping individuals solve their debt problems and bankruptcy in the Ottawa and Eastern Ontario region since 1952. Contact D.& A. Macleod today to let us help you begin your path to a debt-free future. Find a location nearest to you!