CRA & Consumer Proposal

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mtayz19

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CRA & Consumer Proposal
« on: May 30, 2017, 12:34:07 AM »
Hi Everyone,

I have some questions regarding CRA personal income tax and GST amounts included in my proposal and hope someone can help me out!

Here's a summary of my situation:

-I filed a consumer proposal in 2013
-Due to the fact I am self-employed, my trustee had to estimate the CRA personal income tax and GST amounts included in my proposal
-I paid off my consumer proposal last year and received my certificate of full performance effective September 1, 2016 (Hooray!)
-According to my Statement of Receipts and Disbursements we claimed $16,000 for personal and $3,500 for GST
-I recently received a statement of accounts from CRA with my pre-proposal debt still included and interest still being incurred
-I contacted my consumer proposal case manager and they are currently investigating my CRA accounts as they should have been updated by now
-According to my CRA statement of accounts, I actually owe LESS than the amount that was claimed since we estimated on the high side

Here are my questions:

1) Has anyone experienced a delay in CRA processing time regarding proposals? My case manager said they may take several months, but it has been a bit too long already :(
2) Since the amount I claimed was more than what I owe, will the difference show up as a credit to my CRA account? Eg. $16,000 claimed for personal but $14,000 owing = $2,000 balance

Thanks in advance for the help!

Cheers,

M

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NotATrust-E

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Re: CRA & Consumer Proposal
« Reply #1 on: May 31, 2017, 07:26:59 PM »
Did your proposal pay 100 cents on the dollar, either generally or to CRA?

If your proposal paid 100 cents to all proven creditors, (net of trustee fees, etc.), then CRA should return the excess funds to the trustee, and the remaining money will be returned to you.

If your proposal paid 100 cents on the dollar (or more) to CRA, but not to your creditors generally, CRA should return any amount over 100 cents on the dollar to be redistributed to your other creditors. Your trustee will handle that process.

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mtayz19

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Re: CRA & Consumer Proposal
« Reply #2 on: May 31, 2017, 07:36:10 PM »
Did your proposal pay 100 cents on the dollar, either generally or to CRA?

If your proposal paid 100 cents to all proven creditors, (net of trustee fees, etc.), then CRA should return the excess funds to the trustee, and the remaining money will be returned to you.

If your proposal paid 100 cents on the dollar (or more) to CRA, but not to your creditors generally, CRA should return any amount over 100 cents on the dollar to be redistributed to your other creditors. Your trustee will handle that process.

That's what figured, but I probably have the worst case manager. She has been telling me incorrect information throughout my proposal such as receiving the excess funds in my example above. Thanks for the clarification!

 

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