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Show Notes
There's a growing number of people owing money on their tax debts. This is in part because more people are self-employed, or have more than one job, and partly due to a growing seniors population. Getting into tax debt can be relatively easy, and dangerous to your financial health if you don't deal with it quickly. Today's podcast discusses ten tips on dealing with the Canada Revenue Agency and tax debts from our in-house tax expert and Licensed Insolvency Trustee Ian Martin.
Your income tax is based on your total income for the year. If you're working for a company, that process is automated for you and the appropriate amount is taken off. But what if you have more than one job and one doesn't know about the other? What if you have pensions coming from different locations? These tips deal with how to avoid complications with the CRA, as well as what you can do to deal with those tax debts.