When you work with the team at Albert Gelman Inc. you are offered the personal respect and consideration you deserve during what is undoubtedly a difficult time; given your situation, our team is careful and deliberate to ensure that we discuss all options available so that we come to the best possible outcome for you. In many cases the solutions presented to you result in making a single monthly payments, stopping the interest on your debts from growing, and in most cases we are able to reduce the overall amount of debt that you have to repay. We recognize that each financial solution is different, depends on your personal circumstances, and needs to be solved quickly so you can get your finances back in order.

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It is becoming more common for people find themselves in situations where they are not able to pay their income tax debt owing to the Canada Revenue Agency (CRA), debts that may result from the following:

a re-assessment of a prior year personal income tax return,

a self-employed personal who has underreported their income,

situations in which the CRA has disallowed self employed expenses being claimed,

the inability to make the required income tax installments,

an unsuccessful tax appeal resulting in a larger tax debt than anticipated,

the inability to pay tax arrears as a result of an unexpected financial problem.

Pulling from our many years of experience working with the CRA, Albert Gelman Inc. helps both individuals and corporations settle their CRA debt that may involve unsuccessful tax appeals, taxpayer relief applications, and re-assessments by the CRA for tax shelters.

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Have you been assessed by the Canada Revenue Agency (CRA) or the Ministry of Finance for liabilities resulting from unpaid GST/ HST, payroll source deductions, or PST? Has a government agency garnished funds from your personal bank account? According to the Income Tax Act, Directors of corporations are liable to the Canada Revenue Agency for unpaid GST, HST and payroll source deductions. Directors are also liable to the Ministry of Finance for unpaid PST. When you find yourself in this situation, the filing of a Proposal under the Bankruptcy and Insolvency Act can stop the garnishment of funds from your bank account and allow you the opportunity to make an offer to settle your tax debts at less than the amount.Read more

Canadian insolvency legislation grants a Licensed Insolvency Trustee significant powers to augment forensic investigations and recover assets. Such powers include examinations of persons under oath, court orders for the production and delivery of property and records, recovery of property obtained fraudulently or otherwise transferred or hidden, and the declaration that transactions deliberately contrived at “undervalue” be void. Trustees can also act in the capacity of Expert Witness or Officer of the Court for the execution of Anton Piller Orders and Mareva Injunctions.Read more

Often times when a corporation finds itself in financial trouble the first person they turn to is a professional advisor – their lawyer or accountant. These professionals are often looked at as the advisors that can be counted on when tough decisions need to be made, particularly when expenses begin to outweigh revenue and making payments to creditors becomes impossible. However, even lawyers and accountants need the support of a Licensed Insolvency Trustee to work through the details and options available to their clients. In fact, lawyers and accountants routinely seek our advice because of our expertise and experience in our field; we are the experts who provide the best alternatives and advice to sort through some of the most complicated financial challenges. The options presented by the team at Albert Gelman Inc. provide the best relief, remedies and solutions available under insolvency law. If you have a client in a financial crisis please feel free to reach out to us, we are happy to meet with you either alone, or with your client, to discuss review options available to you and recommend the best, and most cost effective solutions.

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