PGC has previously issued an ALERT regarding this company. IRMI is a registered collections agent that has actually been contracted by all of the programs presently under PGC investigation ( COIP, RLG, MLF, PGI) to collect on the debt you owe them. IRMI has the right to collect based on the contracts you signed, and can potentially make your life very miserable if they start serious collection actions.
PGC strongly recommends that you do not deal with IRMI to settle your debt. They are presently offering a 75% discount off your Mission Life debt if you settle now. This sounds great, however, if you filed a Notice of Objection to CRA regarding Mission Life, or any of the other programs, settling with IRMI will invalidate that Objection. You cannot receive any form of indemnification or discount from the original lender or his agent for settling a donation debt and still keep the tax credit. Tax law is crystal clear on this issue of partial recourse debt and you will have to pay back 100% of your refund. In addition CRA will add annual interest at 5% compounded daily from the date of your original assessment. This can total a huge amount of money, potentially more than double the original tax refund.
IRMI is misleading their clients in an attempt to get more money from you and we find this reprehensible. But they do have the right to collect based on the contracts you signed. There is only one way we know of to stop this disturbing action and and still maintain the best chance possible to keep your tax credits. Your donation debt must be settled independently by an arm's length third party according to the terms of your contract. It is still possible to get a discount on the cost, as long as the transactions are arms length and not through the original lender.
Some agents/donors are just disputing the debt with IRMI and telling them they won't pay anything because they don't believe the debt is real. This action is just as bad since it proves CRA's argument regarding "sham contract" to be right and donors will eventually lose their tax refunds.
The only solution we are aware of to resolve this issue for donors is the Justice Pharma program. Justice will not only provide to their clients all the documents necessary to prove CRA wrong in their reassessment arguments, they will also provide the legal action needed to stop the debt collections of IRMI. They have done this already for many of their clients.
If you would like more information regarding the IRMI action and the Justice solution, please contact us now. We can put you in touch with a PGC specialist in your area to assist you.
PGC strongly recommends that you do not deal with IRMI to settle your debt. They are presently offering a 75% discount off your Mission Life debt if you settle now. This sounds great, however, if you filed a Notice of Objection to CRA regarding Mission Life, or any of the other programs, settling with IRMI will invalidate that Objection. You cannot receive any form of indemnification or discount from the original lender or his agent for settling a donation debt and still keep the tax credit. Tax law is crystal clear on this issue of partial recourse debt and you will have to pay back 100% of your refund. In addition CRA will add annual interest at 5% compounded daily from the date of your original assessment. This can total a huge amount of money, potentially more than double the original tax refund.
IRMI is misleading their clients in an attempt to get more money from you and we find this reprehensible. But they do have the right to collect based on the contracts you signed. There is only one way we know of to stop this disturbing action and and still maintain the best chance possible to keep your tax credits. Your donation debt must be settled independently by an arm's length third party according to the terms of your contract. It is still possible to get a discount on the cost, as long as the transactions are arms length and not through the original lender.
Some agents/donors are just disputing the debt with IRMI and telling them they won't pay anything because they don't believe the debt is real. This action is just as bad since it proves CRA's argument regarding "sham contract" to be right and donors will eventually lose their tax refunds.
The only solution we are aware of to resolve this issue for donors is the Justice Pharma program. Justice will not only provide to their clients all the documents necessary to prove CRA wrong in their reassessment arguments, they will also provide the legal action needed to stop the debt collections of IRMI. They have done this already for many of their clients.
If you would like more information regarding the IRMI action and the Justice solution, please contact us now. We can put you in touch with a PGC specialist in your area to assist you.