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frozen my bank account

i owe 6700 to revenue canada. i attempted to deposit my cheque and there is a freeze on my account. what are the chances i am going to end up with some money to live on?

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One Response to “frozen my bank account”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This is something that is next to impossible to predict. As you are dealing with Canada Revenue Agency they are not bound by and legislative requirement to allow you sufficient monies on which to live, but just because they have the power to liquidate the account doesn’t mean they will.

When in this situation there are primarily 4 things you can consider to get access to your account again:
1. Pay the amount to CRA in full;
2. Negotiate with CRA acceptable payment terms;
3. file a consumer proposal;
4. file a bankruptcy.

For more information on any of these you should contact licensed trustee in your area and he will help you to develop a plan to deal with this situation.