CRA problems are common, especially with those who are self-employed. Sometimes these problems are large and seem like they will not be resolved. Normal channels of refinancing these issues can be blocked, extending the problems even further.
We Can Help with Income Taxes CRA Issues
Every income earner has to pay their share of income taxes as required by the government. If you work as an employee, odds are your employer automatically deducts income taxes from your paycheque.
Others, such as the self-employed, commissioned, and independent contractors, have to keep track of taxes and pay them separately. It’s important to keep your income taxes up to date as issues can quickly arise when they fall behind. If you find yourself in a situation of owing a significant amount of income taxes, we can help resolve your problems.
What Happens When Income Taxes are Unpaid?
When income taxes go unpaid for a year, CRA will notify you of the balance owing. If the amount is relatively minor, you may not receive anything more than reminder notice in the mail every so often. However, it is necessary to keep your income taxes current to avoid the extra interest charged.
If you fail to pay your income taxes, you will not be eligible for certain government programs, such as CBB or EI. In addition, if you normally receive certain rebates from the government throughout the year, the funds from these may get redirected towards the arrears instead of your bank account.
If several years go by without paying income taxes, the CRA will increase pressure on you to bring them up to date. This may involve putting a lien on your home or even obtaining a judgment against you which will cause problems when you try to obtain mortgage financing or sell your home.
Options to Deal with Unpaid Income Taxes
Unfortunately, income taxes usually cannot be wiped out entirely with a bankruptcy claim, nor is CRA keep on accepting lower payouts. So what options do you have to deal with unpaid income taxes to the CRA?
We can help by partnering with tax lawyers who will speak to CRA on your behalf to try and arrange a settlement. As for obtaining financing to settle the arrears, there are a few options to consider, such as:
- Refinancing your home with an equity-based lender and pay out the income taxes owing from the proceeds; or
- Setting up a short term second mortgage to bring the taxes current, followed by refinancing and combining both mortgages into one, with the ability to show a statement with taxes paid in full
The Graeme Moss Solution
When problems arise with CRA and income taxes, an in-depth review of your situation is required to determine which route works best. We have the knowledge and experience with helping clients all over Ontario settle their outstanding income taxes.
Don’t let CRA dictate what the next steps in recovering the debt will be. Contact us today for a free, confidential review of your situation. We are here to help.
People we’ve helped.
I first met Graeme over the phone when we were living in Hamilton and finding it difficult to make our payments. He was so helpful and we knew he genuinely wanted for us to be successful. Ever since, we have gone to him when purchasing a new home or refinancing because we trust him and we know he cares. He always goes above and beyond to help us when we need it. We went from struggling to make payments to living in our dream home in a few short years. I truly believe that it is because of his knowledge and passion for helping people build their futures that we are where we are today. Thank you, Graeme!!
Thank you Graeme, for everything you did to help us with our mortgage, for your patience with my questions and professionalism. We truly appreciate yours and Deborah’s efforts on our behalf. We’ll be sure to recommend you to anyone we know who needs help like we did. Thanks so much for everything.
Graeme Moss has provided stellar customer service and was a key player in ensuring due diligence. It was both a pleasure & very professional dealing with Graeme when I turned to Fair Mortgage Solutions seeking an interim solution. He, once again was very accurate in advising me, he is not a lawyer. What prompted me to negotiate the legal fees was associated to why this crucial “matter” between legal departments was not finalized in 2017. Moving forward, Graeme’s diligence directed me immediately to the right department. Your department honoured negotiating and we established completion of the task at hand, the Discharge of the MTG. Thank you!
We refer clients to Graeme who are either having serious financial issues, or are recovering from a bankruptcy or proposal filing. They are challenging situations. I can count on Graeme to treat people with compassion and respect. I trust that if there is a mortgage solution to be found, Graeme will make it happen. He truly cares about people and helps them to succeed.
You and your team are awesome. You truly care and you saved my life. Thank you.
This is great. We were so worried. Hearing how others helped who were in a similar situation. This is a godsend. We appreciate the roadmap. Glad it is within 3 days. The advice free, can’t go wrong.
My wife and I were stunned at the speed you got this done. The fee was very low. We are thrilled. Thank you for your help!
You guys are friggin awesome! We feel so happy. Thank you so much.
You have been a godsend. An absolute godsend. I can finally sleep at night. My children thank you. We have 6 options instead of being forced what to do.
I'm a first time home buyer and had a very positive experience working with Graeme Moss, he gave good advice and made the process very easy.