Stop accruing interest on your outstanding CRA income taxes with a simple home equity loan or second mortgage today. Solutions to help get you caught up and back on track.
Once you fall a few years behind on your income taxes, it can be a daunting task to get things back on track. The interest accrual alone can increase your existing balance to almost double in one year if a partial or full payment is not made. There is also the intimidation factor that debt can represent in your mind. The Canada Revenue Agency is willing to work with you but if you derail from any agreed-upon arrangements all bets are off. The time and mental stress it takes to deal with the CRA can impact more than just your bank account. The amount of paperwork required to go through an audit can be extensive and becomes a full-time job in itself. Furthermore; overdue taxes can become a burden on your family and home life.
What can the Canada Revenue Agency do?
If you are facing an overwhelming tax bill it's best to consult professionals. If you do not have a CRA expert working on your behalf, seek the help of an accountant, income tax lawyer or both. They will have the ability to work through your past and present tax filings to find a suitable approach to help aid in your quest to fight your current tax bill. CRA (Canada Revenue Agency) normally goes to drastic measures when you are unable to meet payment demands or simply unable to come to an agreement on what you owe. It is important that you or your tax professional communicate regularly so that the Canada Revenue Agency is fully aware of where you stand with your income taxes. What types of CRA debt can you assist with? There is no boundary to the type of CRA debt the team at LendToday can assist with when it comes to you and even your business. Our team of specialists has seen it all and worked to help those facing income tax arrears find a suitable solution to bring things back into good standing.
Some of the issues we can help you secure financing for to resolve:
With other monthly obligations to focus on you simply may not have readily available resources to pay what you owe. If you are a homeowner and you have equity in your home, there is a good chance you can utilize the equity you have to help payoff your taxes. Traditional lenders such as your bank or credit union will often refuse to assist when it comes to large tax balances owing. They often feel that it could be the result of on an ongoing issue or that you will continue to find yourself in trouble with the CRA. The only time your home bank may consider helping is if the balance is relatively small – under $5,000.00. Some common home equity financing solutions to payoff your CRA bill…
The neat thing about all the aforementioned options is that they can all be arranged quite quickly, clears up your tax debt and stand to better your monthly cash flows. The biggest benefit is that you can avoid a lien being put on your property to prevent losing the home you’ve worked hard to obtain. If your self-employed, incorporated, in a partnership or simply suffering from unpaid income taxes don’t wait too long to address your problem. It is always best to deal with the income tax issue and CRA head on to avoid interest, and further problems down the road. We've worked with a number of different situations and aim to find a solution that's right for you. Give us a call today and a member of our team would be happy to go over your situation to highlight just how we can help. Don't Wait!