Owe money to the CRA this tax season? Here are some repayment options

Getting an income tax refund can be a happy bonus for your household budget, but an unexpected tax bill can be an unpleasant surprise, especially if you don't have the cash on hand to pay it.

But, experts say, the Canada Revenue Agency is willing to work with taxpayers to arrange payment plans and may even be able to offer a break on the interest you might otherwise have to pay.

Aaron Gillespie, an enterprise tax partner at KPMG in Hamilton, said if you don't have the cash to pay your bill, the first thing to consider is can you borrow money at a lower interest rate than the current nine per cent that the Canada Revenue Agency will charge you on overdue taxes.

“Usually, financing with the CRA is not a good option,” he said “Usually you would want to look for financing elsewhere at a lower interest rate.”