Home Breadcrumb caret Economy Breadcrumb caret Economic Indicators CRA says it won’t force households into bankruptcy The agency has proposed deferring payments for financially troubled households By James Langton | April 28, 2020 | Last updated on April 28, 2020 1 min read © Gino Santa Maria / 123RF Stock Photo The Canada Revenue Agency (CRA) says that it won’t push households that are already financially troubled into bankruptcy due to the economic effects of the Covid-19 outbreak. According to a notice from the Office of the Superintendent of Bankruptcy (OSB), the CRA has heard concerns from insolvency trustees and the OSB about debtors who are worried about defaulting on their debt proposals as a result of losing their jobs or suffering a decline in income during the pandemic. The OSB said in cases where the CRA is the majority creditor, the CRA has proposed deferring payment requirements until Sept. 1 and granting a waiver of the defaults that would otherwise occur for missed payments. “Hopefully, this will offer taxpayers the time to focus on other aspects of their financial wellbeing without having to file for bankruptcy,” the OSB notice said. James Langton James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994. Save Stroke 1 Print Group 8 Share LI logo