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TYPES OF TAX DEBTS


THERE ARE SEVERAL TYPES OF TAX DEBTS. INCOME TAX DEBT IS THE MOST COMMON TYPE OF TAX DEBT. HOWEVER, WAGE EARNERS, BUSINESSES AND SELF-EMPLOYED PEOPLE MAY ALSO FACE OTHER TYPES OF TAX DEBTS.

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THE MOST COMMON TYPES OF TAX DEBTS ARE


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INCOME TAX DEBT FOR INDIVIDUALS

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INCOME TAX DEBT FOR BUSINESSES

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SOURCE DEDUCTION

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EMPLOYER CONTRIBUTIONS TO THE COMMISSION DE LA SANTÉ ET DE LA SÉCURITÉ DU TRAVAIL (CSST)  (QUEBEC ONLY)

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GST/HST/QST

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REMEDIES AVAILABLE TO GOVERNMENT AGENCIES


The Canada Revenue Agency and Revenu Québec have at their disposal of many remedies to get paid. If you cannot reimburse your income tax debts on time, many legal actions could be initiated against you. In other words, the simple fact of owing income tax debts to one or the other of these government agencies may cause a significant amount of stress.

GARNISHMENT OF WAGES


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If you have not paid your income tax debts, a garnishment of wages may be issued without warning.

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The Canada Revenue Agency and Revenu Québec could intercept funds payable to you by your employer, your bank and other sources of revenues.

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SEIZURE AND SALE OF PROPERTY AND ASSETS


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If you fail to pay your income tax debts, the Canada Revenue Agency and Revenu Québec can seize your property and assets.

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Following a public announcement, all seized property is sold by auction.

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The proceeds of the sale are used to reimburse your debt.

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In addition to the balance of your debt, you must reimburse the costs incurred to conduct the sale.

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SOLUTIONS FOR REIMBURSING YOUR TAX DEBTS?

HOLD A THIRD PARTY RESPONSIBLE FOR YOUR INCOME TAX DEBTS


In specific instances, the Canada Revenue Agency or Revenu Québec could look to a third party to require the reimbursement of your debt. For example :

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Your spouse

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Your children or other
relatives

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An associate

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An affiliated company