Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy can be the best solution to resolve your crushing tax problems.
Unfortunately, not everyone qualifies to wipe out their tax debt in bankruptcy. Certain rules have to be met first. If you file bankruptcy and don't meet the rules, the CRA will still be in hot pursuit after your bankruptcy is over. Proper pre-bankruptcy planning is key to determining if bankruptcy is or can be a viable solution. Another possibility is a voluntary proposal. This allows you to avoid bankruptcy and reduces your tax obligation. In Ontario, a Bankruptcy Trustee is required for bankruptcy or voluntary proposals. We work with your Trustee to get the best results for you.
