CRA Negotiated Payment Plans
You will need to prove that you can pay the debt within one year
To negotiate a payment plan with CRA, you need to be able to clearly show that you can not afford to pay the full amount imediately and you will need to prove that you can pay the debt within one year.
You will need to provide a financial statement showing that you can neither borrow, beg or steal the amount owed.
If you can show that you cannot pay anymore than you are asking CRA to accept, and that you can in fact make the payments within one year. Usually CRA will eventually, after a big resistance battle, agree to a payment plan.
Beware, if you tell them you may go bankrupt, or if they sense that is what may happen, they will to a double jeopardy on your and move quickly to seize your bank accounts and assets.
Make no bones about it, CRA Collections is ruthless. They don’t care who goes bankrupt or who’s life is ruined. It is all about get as much as you can, as fast as you can.
We fight CRA Collections all the time, and even knowing the ropes and rules of the game, we still have to fight like a tiger muskie to get a reasonable payment plan.
If it is possible to get a payment plan and we can negotiate a payment plan for you, and at an affordable price.
Note: that if you can not pay the debt within one year, then you need some really sound risk management advice and planning.