CRA Collection and Review Activities Set to Restart
Alberta tax payers should be aware that the Canada Revenue Agency (“CRA”) website shows that beginning September 2020, the CRA is recommencing collection activities for individuals and businesses with an outstanding balance. These collection activities will add additional stress to those individuals and businesses that have experienced the negative effects of the Pandemic in terms of salary and wage reductions and loss of revenue through restrictions placed on the workspace environments.
Their website further states that in October 2020, the CRA will commence collection efforts for unpaid GST/HST amounts, which will again add additional pressures to some businesses that are already struggling. October will also see the commencement of benefit validation reviews for monies issued under the CERB, CESB and CEWS programs. Individuals and businesses should ensure they are able to complete the information requests, some of which are quite onerous and may require the assistance of their professional advisors to complete.
It is important not to avoid addressing these information requests and to work out a repayment plan that you are able to commit and adhere to based on your current situation. If you are not able to do so, you should reach out and consult with a Licensed Insolvency Trustee about your options in dealing with these debts and collection efforts.
At JW Weber & Associates Inc., we would be pleased to review your obligations and develop a plan for dealing with these debts, tailored to your individual situation. Visit our website at correctthedebts.com and contact us for a free consultation