CRA Payment Plans
Learn how you can successfully negotiates CRA payment plans to help you pay back tax debt.
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Negotiating a CRA Payment Plan
It is sometimes possible to negotiate a CRA payment plan. However, before you make CRA payment arrangements, it’s important to fully understand the situation you are in as well as the potential situation you could be putting yourself into.
- The CRA will likely want significant financial disclosure from you before offering a payment plan
- The CRA considers debt owed to it most important, which could make it difficult to afford other expenses if you agree to a payment plan
- If you agree to CRA payment arrangements and cannot make the payments, the CRA could garnish your wages, freeze your bank account, or take other collections actions. It does not need a court order to begin legal action against you.
That’s why it’s crucial to work with an experienced tax professional when negotiating with the CRA. At Farber Tax Solutions, we have the experience and knowledge necessary to speak with the CRA, navigate its complex and often lengthy processes, and resolve your tax situation in the most favourable possible manner possible.
The Difficulty with Making CRA Payment Arrangements
Communicating and negotiating with the CRA is the best approached with caution. Not only are CRA negotiators incredibly experienced, but they use the threat of the agency’s strong collection powers to influence the negotiation process. This often results in individuals agreeing to make income tax installment payments that they cannot actually afford.
Before agreeing to consider a payment plan, the agency will require detailed financial disclosure, including information on where you bank, where you work, and where you live. The CRA may require details on your expenses and budget as well. It can then use the information provided to determine that money you are currently spending in other areas could instead be directed the CRA. Remember, the CRA considers tax debt owed to it to be a top priority. This means the agency could require that you only pay the minimum balance on your credit cards, for example, in order to comply with a strict payment plan. This can complicate your financial situation, cost you money, and even lead to you falling into serious debt troubles.
Before negotiating with the CRA or providing the agency with any of your financial details, speaking with an experienced professional is critical. Our legal, accounting, and ex-CRA professionals have a proven history of successfully negotiating and communicating with the CRA. Contact us today to set up a free consultation.
Resolving Your Tax Problem
The team at Farber Tax Solutions begins by reviewing your tax situation and creating a comprehensive plan for how to proceed. A CRA payment plan may not be the best option for you and, if it is, we will negotiate with the CRA on your behalf to make sure you get the most favourable offer possible.
- Farber Tax Solutions offers a free, no-obligation consultation to discuss your tax situation
- We have years of experience in negotiating CRA payment arrangements and resolving tax situations
- Our team ensures that your rights are protected throughout the entire process
Farber Tax Solutions Helps You at Every Step of the Way including:
- 1| Organizing: We analyze all documents and communication, to fight the CRA on your behalf
- 2| Audits: We assist you with audits and ensure proper conduct by tax authorities
- 3| Appeals: We can prepare a Notice of Objection, clarifying your standing with the CRA
- 4| Litigation: We represent you at all levels of court