I have $40,000 personal income tax (including penalties and interest) which I cannot afford to repay. What are my options?
If you are unable to repay the debt in full but have some ability to pay on a monthly basis, you may wish to consider filing a Consumer Proposal to offer a to repay a portion of the debt over as long as 5 years at no interest. Bankruptcy is also an option to consider which depending on your income may require augments to the Trustee on a monthly basis or sale of assets.
© 2017 Grant Thornton Limited, Licensed Insolvency Trustees. All rights reserved.
Make an appointment