I was divorced in 1995 I moved and gave up my first business, my wife had destroyed all of my financial records shortly after sending the records to the bookeeper she had made a floppy and sent it to my address had mentioned I would owe 3500 for one year and $7500 the second. Since this time and a bit of neglect I managed to get over things and received bank records of those two years, but have no write-off receipts. My time had expired to appeal although we did anyhow. my tax debt is now at about $80,000.00 with tons of interest, after several calls trying to reach a fair settlement revenue canada chooses to ignore, I have started a new business which is doing well and have been avoiding payment to the agency. But enough is enough, they are not going to help me and the tax debts keep rising. What can I do as I cannot afford to pay this kind of debt?

If CCRA (Revenue Canada) has not accepted a settlement agreement from you, and you cannot afford to pay them over time, then you may be a candidate for a proposal or a bankruptcy. A proposal is an offer to your creditors to settle the debt over time, usually for less than the full amount owing. The terms of the proposal would depend on your income and current circumstances. I would suggest you contact a Trustee to discuss your options. Collins Barrow Limited's toll-free number in Alberta is 310-8888 or check the yellow pages under "Bankruptcy".

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca