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Can the CRA take my tax return even after we filed the CP?

Hubby and I just filed a CP and my student loans were included. I have been paying them for 10 years, I was told the CRA would take my tax return this year (2014 taxes). Is that true? I may have $1500 and that will help us get back onto our feet. Can the CRA take my tax return even after we filed the CP?

Thanks!!

Posted from: Ontario

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One Response to “Can the CRA take my tax return even after we filed the CP?”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

There is an automatic Stay of Proceedings upon the filing of a consumer proposal this means that the creditors can take no further action with respect to the collection of the debt without leave of the Court. However, creditors including CRA have to the right of set-off. That is, they can apply money owed to you (in this case a tax refund) against money that you owe to them (outstanding student loans) as at the date the proposal was filed. So the answer to your question is yes, they can take the return.