bankruptcy self employed
What will happen if I am unable to pay my income taxes owing for 2008?
What will happen if I am unable to pay my income taxes owing for 2008. I plan on paying but cannot pay as of right now because business is slow (self employed). What will happen if this continues for me,, will my car be taken from me,, will I have to claim bankruptcy. I do plan on calling canada revenue to talk to them about it but I would like to know what they generally do before hand.
I owe $3500
CRA is happy to charge you 5% interest on the balance owing (it’s the loan deal of the century!). And penalties if you did not file your return on time.
You should call them up _after_ you receive your Notice of Assessment and set up a payment schedule. If you stick to the schedule nothing bad will happen.
See “Making a payment arrangement” here:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/pymnts/rrrs-eng.html
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