As mentioned in part 1, the CRA offers individuals and businesses options that they can consider if they have tax debt that they cannot pay in full.  Here are the other options that may be applicable to your situation. Taxpayer Relief Provisions In some situations, you may be able to ask for relief from penalties and interest charges and reduce the overall amount you or your business owes under the Taxpayer Relief Provisions.  Business and Tax Debt If you are a business owner, the amounts that you deduct and withhold from the wages of your employees and the GST/HST amounts that...
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If you owe taxes and cannot pay in full, the first thing you would need to do is contact the CRA.  Remember, if you are unable to pay your tax debt in full and on time, the CRA may charge interest compounded daily at the prescribed rate on any amount owing until you have paid the amount in full. The CRA offers options to individuals and businesses who are unable to meet their payment responsibilities.  As an individual, if you cannot pay your tax debt in full, you may qualify for a payment arrangement or ask for taxpayer relief. Payment Arrangement...
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Why haven’t you received your tax refund? If you have not received your income for 2016 even after waiting the applicable timelines mentioned above, the CRA may have kept some or all of your refund.  These are the instances when the CRA may keep some or all of your refund: -      You owe or are about to owe a balance; -      You have a garnishment order under the Family Orders and Agreements Enforcement Assistance Act; -      You have certain other outstanding federal, provincial or territorial government debts, such as student loans, employment insurance and social assistance benefit overpayments, immigration loans and...
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Once you have filed your tax return, when can you expect to receive your tax refund for 2016? After you have filed your tax return, you can expect to receive your notice of assessment and any applicable refund from the CRA within: 2 weeks of receiving your electronically filed return or 8 weeks of receiving your paper filed return. Please note that these timelines are only applicable if you have filed your tax returns on or before the filing deadline and that it may take longer to process a return if it is selected for a more detailed review. It is...
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