Tag - Tax

July 2017

April 2016

How important is it to file your tax return?

How Important Is It To File Your Tax Return?

Some people avoid filing their annual income tax return. Regardless of their reasons, they are exposing themselves to penalties or even fines from the Department of Justice. Here are the reasons why it is important to complete your income tax return and repay your tax liability, if you have any. (more…)

October 2015

will more bars file for bankruptcy

Will We See More Bars And Resto Bars File For Bankruptcy In 2016?

As of February 1st 2016, bars and resto bars will be required to generate bills for each transaction by using a sales recording module (SRM). Started on September 2nd 2015, the implementation of SRMs will continue until January 31st 2016. (more…)

April 2015

Solutions to income tax debt problems

Solutions to Income Tax Debt Problems

Once you have completed your income tax return, you may discover that you owe income tax debt. However the amount due might be such that you cannot really see how you will manage to pay it back. Your own calculations and budget revisions may show that you will be unable to pay the balance owing on or before the deadline. So what can you do? (more…)

Income tax debt recovery canada revenue agency revenu quebec

Income tax debt, recovery options, interests and penalties

As a Licensed Insolvency Trustee, year after year I see firsthand how much income tax debt come to represent a heavy burden for many Quebeckers and Ontarians. Furthermore, given the firm determination displayed by the Canada Revenue Agency (CRA) and Revenu Québec to recover the money they are entitled to, such debt may cause a considerable stress. Righteously, since the CRA and Revenu Québec have several means to get repaid. (more…)