Many individuals and businesses are experiencing extreme financial difficulty and may be contemplating filing a proposal or bankruptcy under the Bankruptcy and Insolvency Act (Canada) (the “BIA”).
Tax debtors may determine that it is unnecessary to appeal their tax debts because they decided to file a proposal or a bankruptcy under the BIA; however, the total debt at the time of filing may have a significant impact on the duration of a bankruptcy or a proposal and the options available. Tax debtors should seek advice from a tax lawyer to review whether filing an objection or appeal in respect of a tax debt is necessary.
If you are considering a bankruptcy or proposal under the BIA, and you are concerned that any of the above issues apply to you, please call Milot Law for a free consultation at (416) 601-1002.
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