If you are behind in your tax filings or payment obligations, CRA may resort to freezing your bank accounts, or even garnishing your wages or self-employment income.
While most creditors require a successful court application to begin seizing your wages, or self-employment earnings, Canada Revenue Agency (CRA) is a powerful creditor who can access avenues of debt collection much more quickly than other types of creditors. You may not learn of a pending wage garnishment, or bank account seizure until it is already in place.
Filing a personal bankruptcy, or a Consumer Proposal can halt escalating collection actions. Wage seizures or bank account freezes imposed by CRA will be lifted upon filing a bankruptcy or Consumer Proposal.
Book a free debt consultation with Sands & Associates today to find out more.