frozen bank account

Canada Revenue Agency Has Frozen My Bank Account. What Do I Do?

Canada Revenue Agency (CRA) has a very heavy hand when it comes to collecting on income taxes which can include seizing your bank account. This is usually the last resort, after repeated phone calls and letters so you can’t pretend this is a surprise. You may not have believed they’d do something like this, but they do and they did it to you! So now what?

The Requirement to Pay is only good for the accounts the CRA stipulates in the letter they send to your bank. In order to function you can use other bank accounts if you have them or open another account and deposit your cheques there. This is a short term solution, because CRA will soon find the new account and they are not going away.

You can return their calls and come to terms with them. You should speak directly to the CRA collection contact named in your requirement to pay letter and try to work out a plan or you can call an expert to work with both you and CRA.

Working with a Licensed Insolvency Trustee has its advantages when looking for debt help. We will look over your financial situatin with you and offer solutions the CRA will not. If you find yourself in this kind of financial pickle it might be the time to look at finding a long term solution that will let you have a life and sleep at night. Just imagine going to bed with the knowledge that everything is under control. It’s a great feeling!

If you feel that you are in over your head then get help to understand your situation and learn what you can do about it. As a Licensed Insolvency Trustee Chase & Associates is regulated by the Federal government. The Superintendent of Bankruptcy regulates the fees charged by Trustees and we can tailor a fee payment schedule to meet your individual situation. It doesn’t cost anything to get a free evaluation, call 1-866-317-8331 or fill out the online form on the home page. By reading this you are already one step closer to a better financial life!

Derek L. Chase, CPA, CA, LIT

Being able to offer debt help assistance to individuals and corporations on a more intimate basis was a driving force in completing a “second CPA” by becoming licensed by the Federal Government as a Licensed Insolvency Trustee (previously Trustee in Bankruptcy) in 1997. It is extremely satisfying to be able to witness lives change for the positive due to a restructuring of financial affairs.