They are not willing to enter into an informal debt settlement, nor will they accept a debt management plan through a credit counselling agency for less than the full amount owed. The only way they can ensure this is by requiring consumers to file a formal debt proposal to the CRA. Why Will CRA Only Deal Through a Consumer Proposal?Ĭanada Revenue Agency has these tax forgiveness rules in place to ensure that all of your assets are disclosed, and that all debts are being treated equally. In certain circumstances, Revenue Canada may require additional terms. In the event that taxes for prior years are re-assessed and a refund is due, that refund must first be applied to Revenue Canada’s outstanding indebtedness.(The consumer proposal will only include taxes owed for taxes that were filed prior to the proposal date). All taxes owing during the proposal period must be paid as they become due.All tax returns due during the proposal period must be filed when due.All tax returns must be filed and up to date prior to the filing of the proposal.Your proposal it must contain the following terms: In order for a CRA consumer debt proposal to be accepted, there are certain CRA debt forgiveness rules to consider. In a proposal to creditors, all creditors are offered the same “deal”, and the “deal” must be better than they would receive if you were to file for personal bankruptcy. To make a deal for less than the full amount tax debt owed, you must file a Consumer Proposal to Revenue Canada through a Licensed Insolvency Trustee. There is only one way to get Canada Revenue Agency (previously called Revenue Canada) to accept less than the full amount owed for taxes.
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