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CRA seizure and bankruptcy

Would a seizure order by CRA be cancelled, when someone file for bankruptcy?

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One Response to “CRA seizure and bankruptcy”

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

Generally speaking the Stay of Proceedings prevents any further collections by your creditors including CRA. There are some exceptions; these exceptions include, but are not limited to, non-payment of source deductions for employees. In this case the CRA has a trust claim in your assets. As well, CRA takes the position that third party demands issued against your accounts receivable immediately transfers ownership of those receivables to CRA. You may wish to talk to a local trustee to review the details of your situation.