The best source of valuable information regarding Canadian Tax Shelters – rigorously put together by a team of volunteers who know the perils of gift-giving tax shelters all too well.
What are my tax shelter options?
Realizing you owe the CRA a large sum of money can be incredibly daunting. However, you do have options on how to proceed.
Sort Through Your Tax Shelter Options with the CRA
About End Tax Shelters Now
Now that you’re aware of your situation, End Tax Shelters Now is here to help you sort through your options. Read through our free and valuable information to know what options you have before contacting the Canada Revenue Agency.
End Tax Shelters Now always recommends hiring legal counsel before speaking with the CRA.
When you owe the CRA taxes due to your involvement in tax shelters, you only have three options:
- Do nothing and let the interest and penalties continue to accumulate (these can get very high, very fast)
- Resolve the balance outstanding (Pay)
- Fight the CRA
We know you’ve been burned by the gift-giving tax shelter arrangement that has put you in this situation. It is entirely normal to feel hurt by this situation, but we recommend taking some time to think about your options. Remember, fighting the CRA is NEVER recommended and will likely drain you financially and emotionally even further.
Should you choose to resolve your balance outstanding, Option 2, you again have only a few options:
- Pay the balance in full
- Ask the CRA for a payment arrangement. You will be required to prove you need one if you choose this option
- Wait for the CRA to take the balance outstanding from your account
- File a Consumer Proposal
- File for Bankruptcy
Keep in mind that the CRA does not “settle” debts as the IRS can do. The only way to “settle” or pay less than your balance outstanding, which includes the total amount of tax owed, penalties, and interest, is filing bankruptcy or filing a consumer proposal.
Choosing between these options can be daunting. The End Tax Shelters Now is here to help if you need it.