What you can do if you cannot pay your balance owing?
Even if you cannot pay all of your balance owing right away, file your return by the filing due date. So you can avoid a late-filing penalty.
If you cannot pay your balance owing on or before April 30, 2018, we may accept a payment arrangement only after you have reasonably tried to get the necessary funds by borrowing or rearranging your financial affairs.
There are a number of ways to make a payment arrangement.
You may be able pay by pre-authorized debit agreement through My Account.
You can call our TeleArrangement service at 1-866-256-1147. You will need to provide your social insurance number, your date of birth, and the amount you entered on line 150 from your last return for which you received a notice of assessment. The TeleArrangement service is available Monday to Friday, from 7 a.m. to 10 p.m., Eastern time.
You could also call our debt management call centre at 1-888-863-8657 to speak to an agent. The Canada Revenue Agency’s agents are available Monday to Friday (except holidays) from 7 a.m. to 11 p.m., Eastern time.
The CRA will charge daily compound interest on any outstanding balance starting May 1, 2018, until you pay your balance in full.
If you do not deal promptly with your tax arrears, the CRA can take serious measures including legal action such as garnishing your income or your bank account or initiating other legal action such as seizing and selling your assets.
If you would like more information on various programs, deductions and credits that can help save you money, contact GB Pilley & Associates Ltd., Chartered Professional Accountants at 604 926 3522.