Tax Relief Edmonton

Tax Relief Edmonton

There are different options available regarding tax relief, depending on your personal financial situation. The best way to avoid getting yourself into a difficult financial situation regarding tax is to make sure that you always file your tax returns properly and on time. However, there are a number of circumstances that you can claim affected your ability to do this, in which case you might be given an extension.

The worst thing for you to do in a difficult financial situation is to ignore it and hope that it goes away. If you do this, then it is likely to become unmanageable, and then you may find that your only option is to file for bankruptcy. Although this offers a legal opportunity for a fresh start, it is a drastic measure that you should avoid at all costs. You will find yourself facing a lot of barriers in the future regarding business and credit rating, and these will be difficult to overcome.

One of the easiest things to do is to negotiate a payment plan with the Canada Revenue Agency (CRA). Now remember, their primary objective is to obtain the money you owe them. If you can offer them a payment plan that shows they will get their money without having to take drastic measures, they are likely to accept it. This way, you can budget your costs and make sure that you have enough money each month rather than having to get your hands on a large sum all at once.

Another option may be a consumer proposal, which will allow you to pay off your debts over a set period of time and at a fraction of the cost you owe. There are exceptional circumstances required to be able to claim this though, so the best thing for you to research all options available. However, when a consumer proposal is not available, Cawston & Associates can still help you. Please watch the following video for more information.


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