Liabilities to CRA & Consumer Proposal
Liabilities to CRA & Consumer Proposal
Will CRA allow liabilities to be included in my consumer proposal?
CRA will only allow liabilities up until the end of the calendar year, before the proposal, with one exception:
If the debtor files a provisional tax return at the time of filing the proposal the amount is shown as a liability. In other words, if there are clauses about the return in the proposal document, the CRA will allow the pre-proposal liability to be included in the proposal. It is important to note that this is usually done for high-income professionals or self-employed individuals that are no longer operating a business.
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