It seems hard to believe that we are already at the end of March and we all know what that means. That is right, it’s tax time!! Thoughts go to tax preparation, getting receipts together, doing the final tally to submit to our accountants or bookkeepers.
As a Mortgage Agent I receive referrals from both accountants and bookkeepers when their clients are having difficulties paying their income taxes either personally or through their business. Here is an example of one client I was able to assist recently.
Client owed Revenue Canada over $200,000 in back taxes, penalties and interest. He was unable to pay, so in usual fashion, Revenue Canada froze his business accounts. This basically shut down his operation. I arranged a mortgage to pay out the total amounts owing, he paid off his income taxes and his business account was restored. If we had spoken when he knew he owed Revenue Canada, I could have arranged the funds required and saved him a ton of money in interest penalties, eliminated the stress in his life and the business interruption. We are interesting creatures, we are always optimistic that things will turn around but sometimes it is best to just deal with the elephant in the room!
If you or anyone you know is having difficulties in paying their income taxes or accumulated debt, please refer them to me and I can give them the options available to help them sleep better at night!
Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.
To contact Colleen, please fill out the form on www.mortgagesbycolleen.ca or call 416-459-2406