Tax Tip: When You Owe Money-Collections at the CRA

OTTAWA, ONTARIO--(Marketwired - April 20, 2015) -

Editors Note: There is a photo and a video associated with this Press Release.

Did you know?

• 9 out of 10 Canadians file and pay their income taxes on time;
• If you owe money, the Canada Revenue Agency (CRA) can help with a payment plan;
• The quickest and easiest way to pay your tax debt is through your online banking service

Important facts

- Any amount you owe is payable in full as soon as you are notified that your return has been (re)assessed .

- Where applicable, the CRA charges interest at the prescribed rate on any amount owing until it is paid.

- If you cannot pay all of your debt upon filing, the CRA offers payment arrangements:

-- To help the CRA determine your ability to pay, you may have to make full financial disclosure and give evidence of your income, expenses, assets, and liabilities either by telephone or by completing a financial questionnaire given to you by a collections officer.

-- To discuss payment arrangements for individual tax, go to Payment arrangements. For business tax, call us.

- The collections webpage and video tells you how to set up a payment arrangement, and makes you aware of the serious legal and financial consequences if you don't pay your debt in full and on time.

For more information, see the CRA webpage and video on collections.

Sign up for online banking services to pay off your debt!

The quickest and easiest way to pay your tax debt is through your online banking service, just as you would pay your hydro or cell phone bill. For more information on this and other payment methods available to you, please go to make a payment.

To view the photo and video associated with this Press Release, please visit the following links:

Photo: http://media3.marketwire.com/docs/cra0420-crop.jpg

Video "What to know if you have a debt with the CRA": http://www.cra-arc.gc.ca/vdgllry/ndvdls/srs-cllctns-eng.html

Stay connected

To receive updates when new information is added to our 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.