If I owe a lot in taxes this year and can't afford to pay the balance can I defer for one year?

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As per Canada Revenue Agency (CRA), if you are struggling with your tax payments, you can work with the CRA to find ways to pay your tax debt based on your financial situation.

If you can’t make any payment, your tax debt will grow with the addition of interest charges.

You have several payment options if you can’t pay your tax debt in full:

1. Partial payment

2. Payment arrangement

3. TeleArrangement service

4. Pay by pre-authorized debit

Please visit the following website to learn more about payment options: What to do if you can’t pay your taxes

Here is a great TurboTax article: Navigating the CRA When Your Tax Bill Is Too Big To Pay In Full

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