What if I Can’t Pay my Taxes?
First of all – don’t panic!
You’re not alone; many taxpayers have found themselves in financial distress and unable to pay immediately.
If you cannot pay the full amount of taxes you owe, you should still file your return (or extension) by the deadline and pay as much as you can to avoid penalties and interest.
You also should contact the CRA to discuss your payment options, such as a short-term extension to pay, an installment agreement or an offer in compromise. In some cases, the CRA may even be willing to waive penalties. Remember though, no matter what option you choose, don’t ignore your tax obligations; they won’t go away but will likely get worse, resulting in tax liens or garnishment of wages.
Remember, the CRA is far more willing to work with you if they believe you’re making reasonable efforts to resolve the issue on your end!
If you need assistance, don’t hesitate to contact us! 250-744-3854