Tax Debt and Government Debt

If you have a tax debt or other government debt or are about to incur one, you may be in for a rough ride. If you have fallen behind filing your taxes over the last few years or if you have incorrectly claimed expenses that you were not entitled to, chances are pretty good that when you file you will be faced with a government debt from the CRA.

Government debt that results from taxes – CRA late filing penalties in 2012: 5% of the unpaid tax and 1% monthly for up to 12 months. If you filed late in 2009, 2012, or 2011, your penalty may be increased to 10% and 2% monthly for up to 20 months. Once these penalties have been applied to your account, the CRA will develop a plan to try and get the money from you – and they will not take their time.

What happens if you have a government debt? Unlike owing a debt to a creditor such as the bank or a credit card company, owing money to the CRA can become very serious, very quickly. Although failing to repay any creditor can lead to your debt going to collections and eventual enforcement action, the government does not need a court order to take enforcement action (wage garnishments, property liens, frozen bank accounts) against you.
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When you find out about a government debt it is smart to act quickly to find a solution and pay it off.  Ignoring a government debt completely can even lead to jail time for tax evasion, so it is prudent to deal with a government debt well before it gets to this point. Personal loans can represent an important opportunity to pay off a government debt. If the debt is too big there are other financial options available: these could include financial consulting, speaking with a trustee, credit counselling, etc…