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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

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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.