For most Canadians, Monday May 1st is the deadline for filing your personal income tax return and the deadline for paying any tax you owe. If you are self-employed, your filing deadline is June 15th, but the deadline for payment is still May 1st. The payment deadline is likely the one to cause you the greatest stress.
When you add up the costs of supporting yourself and your family, employee salaries, and all the other costs of running your business, it doesn’t take much to miss out on a payroll tax payment, or an HST remittance. Once you get behind, catching up on tax arrears can be the biggest challenge you face. It can be tempting to start relying on credit cards to bridge the cash flow gap. Then before you know it, another tax filing and tax payment deadline comes around, and you’re still not caught up, you have a fresh tax bill to pay, and the credit cards are maxed out.
Tax debt is the deal breaker for many small businesses. Before the Canada Revenue Agency comes looking for your personal assets to pay off the business arrears, talk to Goldhar & Associates.
As licensed insolvency trustees, Goldhar can review your tax liabilities and discuss the options available for settling your tax debts with the Canada Revenue Agency for an affordable amount. Payroll taxes, HST, and personal income taxes can all be discharged through a consumer proposal or a personal bankruptcy.
Call Goldhar & Associates for a free, no obligation consultation. Fast dial #DEBT (#3328) on your mobile phone. Or call toll-free 1-855-541-5114.