519-646-2222TAX SEASON
“Tax season” only exists for accountants, for the rest of us it’s always tax season.
You may have noticed that the CRA does not restrict its collection of outstanding taxes to tax season, it’s always open season for non-compliance.
You can be non-compliant in filing required forms and reports and you can be non-compliant in making remittances and final payments. Many small businesses have problems in both areas some struggle with the bookwork but manage to make the payments and others manage the bookwork but not the payments.
A lot of folks believe, erroneously, that government debt survives insolvency proceedings. But that is simply not the case, either a consumer proposal or a bankruptcy can be a very useful tool for cleaning up tax debt arrears along with other consumer debt issues. Adn, we can do in or out of tax season.