Wage ganishment
I have just recently started to have my wages garnished. I was wondering how much are they allowed to take off of my paycheque?? I am married and do have a family that I am trying to support. Was wondering what the rule is in the way of wage garnishment and how much are they allowed to take off my pay cheque??
The answer to this depends on what province you live in, how much money you make, the number of people in the household unit and the creditor in question. In Alberta, with a typical creditor, you are entitled to keep the first $800 of your take home income (net income), half of any remaining money you earn up to $2,400, and nothing above $2,400 (i.e. they can garnishee 100% of your income above the $2400 cut-off). These limits are then adjusted by $200 for each dependant in your care. While typical creditors have very specific limits to the amount that is available to the creditors, Canada Revenue Agency (CRA) is not bound by these limits.
Regardless of who the creditor is you are left with the following options: pay the debt in full, terminate your employment, file a proposal to your creditors or file bankruptcy.
For more information pertaining to your local area I recommend contacting a local trustee and he will be able to explain the above and help you to determine the best course of action