How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Name

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

When CRA freezes your bank accounts

What`s the next step if CRA froze your bank account and you don`t own any assets and no money three days before christmas? Help!

Posted from: Alberta

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “When CRA freezes your bank accounts”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

There are a few choices available when bank accounts are frozen. They are as follows:

1. Negotiate payment arrangements directly with CRA and have them remove the hold;

2. File a consumer proposal which will immediately effect a stay of proceedings remove any of your creditors rights to freeze accounts (including CRA); or

3. File a bankruptcy, which also will remove CRA’s collection rights.

My guess is that CRA will not be willing to negotiate terms. Once they have taken action it is often difficult to get them to back down. So you are likely looking at the consumer proposal or the bankruptcy. The first step there is you must meet with a local trustee, given the time of year and the pending holidays I would recommend that you contact them right away.