65 - Does Bankruptcy Clear Tax Debt in Canada

The Canada Revenue Agency (CRA) has special powers for collections of unpaid taxes. These may include wage garnishments, freezing bank accounts, seizure of investments or putting a lien on your home. But when it comes to the Bankruptcy & Insolvency Act, the CRA is treated like any other creditor in a Consumer Proposal or a personal Bankruptcy. Licensed Insolvency Trustee, Derek Chase, shed some light on the subject of taxes - unpaid taxes, unfiled taxes and ways to deal with tax debt. 

Other topics covered in this podcast are:

• Different kinds of tax debt 
• CRA’s penalties and fees
• When you receive an unfair assessments from the CRA
• Consequences of not filing your taxes
• Options when dealing with tax debts

If you have tax debt that you cannot manage, speak to a Licensed Insolvency Trustee. They are federally regulated and approved by the Canadian government, and will give you honest advice about the options available to you.

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted. 

• Derek L Chase & Associates Ltd. Licensed Insolvency Trustee
• How Your Income Tax Return Is Filed During Bankruptcy
• Tax Debt Help – What You Need to Know