CRA Arrears Can I Use My Equity to Pay CRA Tax Arrears?

Have you faced rejection from banks, credit unions or mortgage lenders due to outstanding debt owed to the Canada Revenue Agency (CRA)? At, we're dedicated to helping you get approved for a loan, even if you have outstanding tax returns.

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I Have Unpaid Taxes, What Are My Options?

Are you struggling with unpaid taxes and wondering what your options are? Explore various solutions to help you manage your tax obligations and improve your financial situation.

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What is the CRA?

The Canada Revenue Agency (CRA) is a federal organization responsible for collecting taxes and administering tax laws in Canada. The CRA also manages social and economic benefit programs through the tax system, as well as oversees international trade legislation.

The CRA, at the same time, works with many of Canada’s provinces and territories to collect taxes and administer related programs. The Agence du Revenu du Canada is the French name for the agency.

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Understanding Canada Revenue Agency (CRA)

The CRA manages various types of taxes, including:

  • Personal Income Tax
  • Business Income Tax
  • Trust Income Tax
  • Partnership Income Tax
  • Excise Taxes
  • The Goods and Services Tax

It also oversees social programs funded by tax dollars, such as:

  • The Canada Child Benefit
  • The Canada Pension Plan

Like the United States Internal Revenue Service (IRS), the CRA is the primary source of information on Canadian tax laws, their interpretation, and their application.

The Canadian Revenue Agency is guided by a Commissioner and Chief Executive Officer, who leads the Board of Management. This board is comprised of 15 members, of which the provinces and territories nominate 11.

Understanding the role and responsibilities of the CRA is essential in complying with Canadian tax laws and avoiding potential consequences.

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Don’t Wait Until It’s Too late

Don't Let Unpaid Taxes Stand in the Way of Your Financial Goals

We are here to help you get the debt relief you need. Call us today and let our team of experienced mortgage brokers assist you with solutions for paying off your CRA debt.
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CRA Debt – I Need Help Paying My Revenue Canada Debt

Have mortgage lenders turned you away because you have outstanding tax returns? No CRA problem is too small or too big for us to help you handle, especially if you are trying to get a mortgage.

The CRA is a powerful entity that can take swift action if you have outstanding debts or unpaid taxes. If your debt to the CRA is long overdue, you can expect severe CRA debt collection efforts. The CRA has various options available to them, including:

  • A garnishee for your wages. They have the authority to withhold as much as 50 percent of your total earnings.
  • A freeze may be placed on your bank account, and any funds held there may be seized.
  • Withhold any eligible tax credits such as GST or refunds you received may be eligible for.
  • Register a lien on your property to ensure the debt is paid upon sale or financing.

The CRA is not an entity you want to owe money to. You must prioritize paying your taxes on time and ensuring your tax returns are always current. Neglecting to take action can lead to severe repercussions.

Our team at can provide guidance and support to help you avoid falling behind on your taxes and address any outstanding tax issues. So, book a call with one of our experts today to learn more about your options.

Can I Make a Payment Arrangement on My CRA Tax Debt?

If you’re experiencing financial hardship and need tax relief, there are options available to you. Some of the potential options include:

  • Consulting with a licensed insolvency trustee about bankruptcy or consumer proposal.
  • Contact the CRA for a payment arrangement or to explore debt relief options.
  • Consult a tax lawyer (if you are disputing what is owed).

CRA isn’t typically lenient when it comes to outstanding tax debts. As a result, bankruptcy, consumer proposals, and payment plans may not be viable options for homeowners. Even hiring a tax lawyer may not be effective unless you’re disputing the amount owed.

The only surefire way to avoid penalties and interests, and prevent the CRA from seizing and selling your home to recover unpaid debts, is to pay your outstanding tax debt in full.

Our team at can help you explore your options and find solutions to address your tax obligations and prevent potential financial hardship. Apply now and get approved fast.

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How Can I Use My Equity to Pay Off My CRA Debt?

With a few simple strategies, you can use your home equity to quickly and effectively pay off CRA debt.

  • Refinance your mortgage with an alternative lender (B-lender) and use the funds from the new mortgage to pay off your outstanding debt with the CRA.
  • Consider taking out a private mortgage from another lender and then refinancing it when the time is right.
  • If you commit to saving money and paying off your HELOC balance, you can free up the amount to pay off your CRA debt.
  • Reach out to a trusted friend and ask if they’d be willing to loan you money.

Let an experienced mortgage broker help you connect with the right lender to resolve your CRA debt. We are here to guide you through this process and provide tailored solutions that fit within your financial means.

With our expertise and network, we can connect you with a multitude of lenders who can help alleviate some of the burdens associated with debt payment.

Looking to Resolve Your Revenue Canada Debt?

We Can Help You Find the Best Solution!

Whether you’ve been turned away by other lenders or are simply looking for guidance on managing your tax debt, we’re here to help. Get in touch with us today to gain further insight into our services and how we can assist you.
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Options When Dealing with Tax Debts in Canada

Dealing with tax debts can be a challenging and stressful experience. However, various options are available for those struggling to pay off their tax debts.

Repaying Taxes with a Voluntary Payment Plan

Consider making a repayment plan with the CRA to settle your tax debts, which requires paying the total amount plus penalties and interest over a specific term. It can be a complex process that may require assistance from a tax accountant.

Resolving Tax Debt through a Consumer Proposal

A consumer proposal is the only tax relief option accepted by the CRA to eliminate the amount owed. It can also help alleviate your debt situation, such as those due from credit card debt. A consumer proposal is filed with a Federally Licensed Insolvency Trustee, and the CRA requires filing all outstanding tax returns before voting in favor of the proposal.

Filing Personal Bankruptcy

If you are overwhelmed by tax debt along with other debts, and a proposal to settle them doesn’t seem feasible, filing for bankruptcy may be the best solution. Bankruptcy can discharge tax, government debt, and other unsecured debts.

These options vary in effectiveness and the amount of debt they can help you settle. We highly recommend seeking guidance from a professional mortgage broker who can provide expert advice that can help you decide your next course of action.

At, our team is here to help you connect with an experienced financial advisor who can provide you with the resources to help you manage your CRA debt.

How Can Provide Help Paying CRA Tax Debt?

At, we specialize in assisting clients facing issues with:

  • Overdue tax arrears
  • Tax reassessments
  • CRA liens

With access to a robust network of lenders, including alternative institutional lenders, Mortgage Investment Corporations, and Private Mortgage Lenders, we can offer flexible mortgage solutions that work for you.

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I Have Bad Credit & Need a CRA Debt Lien – Can I Get Help?

Absolutely! Our team is committed to providing expertise in assisting homeowners with paying off their CRA debt. We take pride in our fast and easy approval process.

We base our approval decisions mainly on the equity you have in your home, and not on credit or income. This means that even if you have been turned away by another lender, you can still be eligible for a CRA loan with us.

Call us for a no-obligation quote or apply online. We’re dedicated to finding the best solution that works for you!

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