111 Waterloo Street, Suite 310
THE TAX MAN COMETH
“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 the 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.
In spite of efforts to educate to the contrary many people remain of the view 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.