CRA Debt – I Need Help Paying My Revenue Canada Debt
Have you been turned away by the bank, credit union or mortgage lender because of debt owed to the Canada Revenue Agency CRA? Likewise, has your bank ever declined you because you have outstanding tax returns? Generally speaking, no problem with the Canada Revenue Agency is a small problem. Especially, if you are trying to get any kind of mortgage.
The CRA is quick to act and has a lot of power. And, if your bad debt to them is large enough or severely overdue you can expect serious collection efforts.
To elborate, the CRA has the ability to enact a number of options that are available to them. For example the Canada Revenue Agency may elect to:
- Garnishee your wages. They reserve the right to take up to 50 percent of your gross earnings.
- Freeze on your bank account and seize any funds within the account
- Withold any eligible tax credits such as GST or refunds that you may have otherwise received.
- Register a lien on your property to ensure the debt gets paid upon sale or financing
Certainly, the last entity you want to owe is the CRA. In other words, it is wise to pay your taxes on time and keep your tax returns up to date.
Can I Make A Payment Arrangement On My CRA Tax Debt?
If you have found yourself in financial hardship and require tax relief, there are options. Although not abundant or simple, some of your options include:
- Consulting with a licensed insolvency trustee about bankruptcy or consumer proposal
- Contact the CRA for a payment arrangement to explore debt relief options
- Consult a tax lawyer (if you are disputing what is owed)
To point out, the CRA is not known for their leniency. Consequently, bankruptcy, consumer proposals and payment plans are rarely an option for people who own homes. And, a tax lawyer can’t really help unless you are disputing what you owe.
In fact, paying your outstanding tax debt in full is the only way to ensure you don’t incur penalties and interest. Lastly, it is also the only way to ensure they don’t try to sell your home to recoup your bad debt with the CRA.
How Can I Use My Equity To Pay Off My CRA Debt?
Using a mortgage broker who specializes in CRA tax debt is crucial. Especially, if you want to deal with your problems in a timely fashion. Moreover, an experienced high risk mortgage broker will know how to handle the CRA. Additionally, they will have access to a variety of lenders who will help you deal with your CRA debt.
Surprisingly, a home equity loan is one of the best ways to eliminate tax debt. But, you can’t just walk into one of the traditional big banks and expect them to bail you out. Specifically, you will need to work with a mortgage broker who specializes in home loans to pay CRA debt.
How Can Turnedaway.ca Provide Help Paying CRA Tax Debt?
Turnedaway.ca deals routinely helps clients who are experiencing problems from overdue arrears, reassessments and CRA liens. Having said that, we have access to a large pool of lenders. Our lenders include Alternative institutional lenders, Mortgage Investment Corporations and Private Mortgage Lenders. As a result, we have access to one of the largest, most flexible group of mortgage lenders in Canada.
I Have Bad Credit & Need a CRA Debt Lien – Can I Get Help?
In short, yes. We work diligently to educate our staff & lenders on the benefits and ways we can assist homeowners in paying the CRA. Our lenders understand the importance of common-sense approvals.
With this in mind, they place little to no emphasis on credit or income. To clarify, they approve CRA debt loans almost exclusively on the amount of equity you have in your home.
Certainly, there is perhaps no worse feeling in the world than owing the Canada Revenue Agency. To sum up, if your application has been turned away by another lender, don’t hesitate to call us for a no obligation quote. Call toll free at 1-855-668-3074 or apply online!
We’ve helped a lot of people. See what they have to say!
Marilyn & Bob T
We can’t thank you enough for all your help with our mortgage. We were skeptical about filling out an online application but we had tried several banks and due to our credit, couldn’t find anyone to help us.
Getting a call within 15 minutes of submitting our application to go over the application put my mind at ease but my husband and I were both shocked to receive a call the same day with an approval.
We are still amazed at everything you did considering how difficult the banks made our situation sound. Again, from the bottom of our hearts thank you so much!
Marilyn & Bob T, Whitby Ontario.
Dave & Sharon S
My wife and I felt completely lost and didn’t know where to go after being declined by our bank of 18 years. We were so relieved once you advised us there are still lenders that value a mortgage based on merits other than just your credit rating.
We had never missed a payment on our mortgage for 18 years and to hear our bank say they couldn’t help us even though we owed virtually nothing on our home was heartbreaking.
I couldn’t be more grateful that you helped out two complete strangers when nobody else would.
Dave & Sharon S, Ottawa Ontario
I can’t put into words how greatful I am to you regarding coordinating all of the activities in seeing my new mortgage go through. There are several reasons for the appreciation from my side but most importantly it will allow my daughter to continue to grow up in a home and neighborhood that she has identified as being very important to her.
I owned a home for almost 15 years and faithfully renewed at my bank every 5 years. About 14 years into my mortgage my job was terminated and I was forced to rely on credit cards to keep things going.
Fortunately I found work after 7 long months but by then my credit had deteriorated and my bank wouldn’t help. I called turnedaway.ca after hearing one of their radio ads and I am glad I did.
They bailed me out of a bad financial situation, got rid of all my credit card debt and got me down to one manageable mortgage payment.
John C, Toronto Ontario.