Revenue Canada wants my assets...I own nothing, house is in mama bear's name...how long is Revenue Canada's arm? can they take the house?
what are my options? bankruptcy?
what are my options? bankruptcy?
Without asking you to divulge anything that shouldn't be divulged publically, what happened to get you in this mess? Maybe, TERBites can help by brainstorming with you.sizematters said:Revenue Canada wants my assets...I own nothing, house is in mama bear's name...how long is Revenue Canada's arm? can they take the house?
what are my options? bankruptcy?
sizematters said:Revenue Canada wants my assets...I own nothing, house is in mama bear's name...how long is Revenue Canada's arm? can they take the house?
what are my options? bankruptcy?
If you don't, two things will happen:Papi Chulo said:I bet you are wishing that you had not filed your taxes!!!
I may know many people who have not filed for a few years because they owe money
tboy said:If you don't, two things will happen:
they will send you a letter requesting that you file a return
if you don't, you can be arrested/penalized for not abiding by their order. I forget what the procedure is (on their part) but I know it's pretty severe.
Nah, you're wrong about one part: They'll likely freeze the account first as a way of saying "hello" and then wait for him to schedule the interview. He'll probably call them the same day too.tboy said:As stated, they can garnish your wages, freeze your bank accounts (or make them For Deposit Only) but before they do any of this they will most likely want you in for an interivew.
simple really...just a fucked up life...the last six years are a blur...wife with cancer, death of both parents, one will challenged by a sibling, diagnosed with a chronic crippling disease...all the while trying to keep a small company afloat...a bit overwhelming...and CRA was not a priority.shakenbake said:Without asking you to divulge anything that shouldn't be divulged publically, what happened to get you in this mess? Maybe, TERBites can help by brainstorming with you.
There is actually something called the Fraudulent Conveyances Act which covers this exact scenario... any divesture of asset three months before a bankruptcy or examination by creditors is examined in full detail, and they will question the value of the transaction. Arrests stem from a criminal charge, so I don't think it will get you thrown into the slammer for this, but will it make your financial troubles worse when they find-out how you "divested" - absolutely. Will it wind you and the person to whom you gave the asset in court - it sure will.tboy said:As for the house, if they can trace the ownership and find you "gave" it to her at the start of your economic troubles, they can make an attempt to sieze it. This goes for any other assets you may have had at one point.
ie: You own a house. You sell that house to someone for a grossly undervalued rate or "give" it to them (also known as divesting yourself of assets). I can guarantee you that this method of avoiding taxes will get you arrested.
I was just referring to the Fraudulent Conveyances Act as a Civil Law. For Tax Evasion and whether it involves a Criminal Charge here, I have no idea - and I have no intention of finding out.tboy said:I'm curious to see if CRA can toss you in jail for non-compliance. I know in the US they can, as stated, that's how they got Al Capone.
I heard that happened to the guy that wrote the book 'Take your money and run'...The Cunning Linguist said:It's my understanding they can kill you with no repercussions.