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Alberta bankruptcy Q&A forum

Question:

 

Ok to start I filed my last taxes June 27 2014 came back that I owe 14000 income tax and 3500 for gst since then I have not filed and have not paid towards the owing amount so now I'm looking back and feels like I'm fucked I owe so much already I'm afraid to make contact with cra I'm not sure what I can do to make this better and come back from what is now almost guaranteed to be triple that amount ....any advice ? Also I need to buy a vehicle which I'm trying to obtain before I confront cra and would need to keep but can't seem to get because of the 14000 owing


From:

 

Grant Thornton Limited

Date:

 

Apr 21, 2016

Answer:

 

Hi Tony, My suggestion would be to file your outstanding tax returns and GST returns. That way you will know how much you owe to Canada Revenue Agency and your average net self employed income. Most finance companies will look at your most recent tax return filed and your credit score to approve you for a vehicle loan. You can request a copy of your credit report from Equifax and/or Trans Union to review what outstanding debts may be preventing you from being approved for a loan.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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