Bankruptcy and Consumer Proposal Information in Airdrie

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Bankruptcy Information

airdrie tax advisor

A tax consultant Red Deer can help you navigate the complex world of self-employment and tax declarations. There are many tips that can help you maximize your earnings if you know how and where to find them. A tax consultant will help you do that. They know which things can be legally written off, how to easily transition from having an employer who simply handed over a T4, to help you gather important tax information that you will be required to use during the year. Understanding how to maximize deductions and credits is a tax consultant’s job.

Cawston Tax Consultants

airdrie bankruptcy information
Filing for bankruptcy is a last resort for individuals and businesses that find themselves unable to handle their debt. Not everyone can successfully file for bankruptcy, as there are certain requirements that you need to meet in order to be eligible. Our team of highly trained specialists can offer you a service that is considered high-class and has been sought after by both businesses and individuals.

We will start by taking you through the different options that you have to choose from. You will need to know what help is and isn’t available to you, and the positives and negatives of each option. You will also need to know how each option will affect you personally, and which you stand more likely to gain from.

If filing for bankruptcy is not for you, then it might be best to negotiate with the Revenue Agency, to come up with a tax payment plan that fits your budget. If pursuing this route, you must understand that it is entirely up to the Revenue Agency whether or not they accept your proposal. Their main issue is getting hold of the money you owe them, so they are more likely to accept a proposal that benefits them and means less hassle regarding debt collectors. However, if you are unable to prove that it’s a plan you can hold yourself to, then you might find them declining. If they do decline, then they might decide to take further action. They can withhold your tax credits until you have paid off your full debt.

Another option is submitting a Consumer Proposal. If accepted, the consumer proposal will allow you to pay back your debt at a certain amount each month, and you won’t even need to pay off the full amount before the debt is settled.

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