Avoiding a tax lien via insolvency
Sounds like either way the sister is coming to the party or she is buying him out.
It's a pity he doesn't have more time to manage the debt load.
CRA aren't paid to make sensible deals. 12 months, pay up. I've seen them want to get paid in 12 months for 6 digits' worth of debt. Preposterous. Also: the sister has paid the bulk of the mortgage but still only has 50% of the equity.
Sounds like either way the sister is coming to the party or she is buying him out.
It's a pity he doesn't have more time to manage the debt load.
CRA aren't paid to make sensible deals. 12 months, pay up. I've seen them want to get paid in 12 months for 6 digits' worth of debt. Preposterous. Also: the sister has paid the bulk of the mortgage but still only has 50% of the equity.