WINNIPEG, MANITOBA: C. Buhler & Associates Ltd., a licensed insolvency trustee firm serving Winnipeg, wants Canadians to know that the Canada Revenue Agency (CRA) has increased its debt recovery efforts.
In May 2020, the CRA paused debt recovery in response to COVID-19. Since October 2022, debt recovery efforts have resumed, and in 2024, Canadians may have noticed stories on social media of debt recovery; many accountants and other financial firms have also reported an increase in the number of CRA debt recovery-related requests from clients.
The increase in debt recovery efforts stems from a number of different factors; one of these factors is that the defaulted Canada Emergency Business Accounts (CEBA) loans have been assigned to CRA for collection. Canadians have a number of options to pay off CRA debts; these options include creating payment arrangements to pay off debt over time and calling the CRA in order to request an arrangement for deferred payments. There are numerous potential consequences for not paying debts to the CRA, including garnished wages, interest, financial penalties, and asset seizure.
Crystal Buhler, a licensed insolvency trustee and the president of C. Buhler and Associates Ltd., says that Canadians have options when facing debt collection from the CRA. “When Canadians cannot pay off their debts to the CRA, it’s often because they have other debt obligations they need to pay off,” said Buhler. “Fortunately, there are a number of options for debt relief. From credit counselling and debt consolidation to consumer proposals and bankruptcy, finding debt relief is possible. There’s no one-size-fits-all solution, so it helps to talk to an expert like a licensed insolvency trustee.”
- Buhler and Associates Ltd. is a licensed insolvency trustee firm with locations throughout Manitoba, Saskatchewan, Alberta, Northwest Territories, Yukon and Nunavut. It offers a variety of debt solutions, including credit counselling, debt consolidation, consumer proposals, corporate restructuring, and bankruptcy services. It offers services to individual and corporate clients.
For more information, visit www.debtfreenorth.com.
