Canada Revenue Agency

Canada Revenue Agency

May 18, 2016 16:23 ET

Does Your Business have Tax Debt? Don't Panic. You have Options

OTTAWA, ONTARIO--(Marketwired - May 18, 2016) -

Editor's Note: There is a video associated with this press release.

Does your business owe taxes to the Canada Revenue Agency (CRA)? Ignoring your tax debt isn't the best strategy. Avoiding payment could result in financial and legal consequences for you and your business. The CRA charges interest at the prescribed rate compounded daily on debts owing until they are paid in full.

Instead of avoiding a payment, check out the video Keeping Your Business on Track to find a better option.

Pay your debt online

The quickest and easiest way for your business to pay its debt to the CRA is to pay online. For more information on the payment methods available to you, go to make a payment.

Find out your options if your business can't pay in full now

Can't pay in full now? The CRA can work with you to set up a payment arrangement. The sooner you take action, the less interest you'll have to pay. To make a payment arrangement, go to create a pre-authorized debit agreement for business, to set one up in My Business Account or contact us.

To help the CRA determine your ability to pay, you may have to give details of your financial situation and proof of your income, expenses, assets, and liabilities. You can do this by telephone or by filling out a financial questionnaire sent to you by a collections officer.

Keep on track

Staying up to date with your tax obligations is an important part of managing your business. If your business is struggling to make its payments, see the CRA's collections webpage and the video "Keeping Your Business on Track" for more information.

The webpage and video tell you where to go to pay your debt to the CRA and how to set up a payment arrangement if you can't pay all at once. It also lets you know what happens if your business doesn't pay its debt in full and on time.

Beware of scams

The CRA doesn't use email or make you fill out an electronic template to get information. If you are wary of telephone scams, check out What to expect when the CRA calls you.

Stay connected

To receive updates when new information is added to the CRA website, you can:

- Follow the CRA on Twitter - @CanRevAgency.

- Subscribe to a CRA electronic mailing list.

- Add our RSS feeds to your feed reader.

You can also watch our tax-related videos on YouTube.

To view the video associated with this press release, please visit the following link: https://www.youtube.com/watch?v=8fnt6b-aRA4

Contact Information

  • Jelica Zdero
    Media Relations
    Canada Revenue Agency
    613-952-9184