Tuesday 3 May 2011

Is Your Bank Account Frozen Because of Income Tax Debt? Learn Your Rights and Choices

If the Canada Revenue Agency has sent you a notice titled “Requirement to Pay” threatening enforcement action or mentioning your bank, chances are they are going to freeze your bank account. A “Requirement to Pay” should be taken seriously.

If the Canada Revenue Agency freezes your bank account, your bank will be obliged to send any money that’s in the account directly to the Canada Revenue Agency. Once your bank account is frozen by the Canada Revenue Agency a number of consequences come into effect:

1. Direct debits and payments, such as mortgage payments and other payments to creditors, will bounce.
2. It will cause considerable damage to your relationship with your bank.
3. You will lose all of the money in the account.
4. Banking going forward will be difficult and challenging, everything will have to be moved to a different bank, and you will have to start from scratch. This can be especially disruptive if it is a business account.

If you have received a “Requirement to Pay” by mail, and your account hasn’t been frozen yet, you should act fast to protect your money, along with your financial relationships. If your account has already been frozen, there are still options open to you.

The first thing you should look at is the total amount of the tax debt, and then balance the debt against your total financial situation. If your financial situation is dire, your choices may be limited as opposed to having assets or savings that could be leveraged to pay off your tax debt.

For those of you who are in dire financial straits, there are programs that have been made available by the Federal Government that can help you get out of debt and stop the Canada Revenue Agency collection action. This includes stopping the Canada Revenue Agency before they freeze your bank account. In the cases where they have already frozen it, the result will be the freeze being lifted.

The trick is choosing the right program for your specific financial situation. If you have an abundance of equity in your home or in investments, you may have to bite the bullet and use it to raise capital to pay your tax debt. If you have no assets or investments but have a good income and reputation, you don’t want to make bad financial choices that humiliate you at your workplace. If you have limited income, no significant assets, you are in a completely different boat.

The bottom line is, regardless of your situation, if you are facing collection action by the Canada Revenue Agency, you would benefit from the expert advice and guidance of a DebtCare Financial Consultant. Keep in mind, you control your financial future and that future is dependent on the choices you make. For more information visit www.debtcare.ca or call 888-890-0888.

8 comments:

  1. For a start, your bank or building society must make the following details available to you for every payment into and out of your account:

    the date of the transaction;
    the amount of the transaction;
    who it was to or from (where appropriate); and
    a reference so you can identify the payment.

    And you need to follow bank lending criteria.

    ReplyDelete
    Replies
    1. EDWARD JONES FINANCE IS THE BEST PLACE TO GET A LOAN {Jonesloanfinance@yahoo.com} Text +1(307) 241-3712,
      God bless you sir, I will not stop telling the world about your kindness in my life, I am a single mum with kids to look after. My name is Emily Thomas and I am from Convention Center Drive, Miami Beach, FL . A couple of weeks ago My friend visited me and along our discussion she told me about EDWARD JONES FINANCE, that they can help me out of my financial situation, I never believed cause I have spend so much money on different loan lenders who did nothing other than running away with my money. I have been in a financial mess for the pass 7 months now, She advised I give it a try so I mailed him and explain all about my financial situation to him, he therefore took me through the loan process and gave me a loan of $390,000.00 at a very low interest rate of 2% and today I am a proud business owner and can now take good care of my kids, If you must contact any firm to get any amount of loan you need with a low interest rate of 2% and better repayment schedule, please contact EDWARD JONES FINANCE email:- {Jonesloanfinance@yahoo.com} OR Text +1(307) 241-3712 or go to there page on jonesloans.bravesites.com

      Delete
  2. You either have to make an acceptable voluntary repayment plan with the government so that they agree to lift the garnishment on your wages or participate in a Federal Government program to seek debt relief. Wage garnishments that are issued by the government can be applied at up to 100% of your wages.

    Tax Debt

    ReplyDelete
  3. Indeed, Bank Account Frozen is a bank account that you cannot access because a creditor has placed a levy on it. In fact, a dept collector cannot freeze your bank account unless it has a judgement. Judgment creditors freeze people's bank accounts as a way of pressuring people for payments. In this problem you can consult DebtCare Financial Consultant, they will help you and they will advice for what is the right things to do. Thank you for sharing this informative site.


    Asking for more info in Capital Accounts Collection Agency? Glad we had this one.

    ReplyDelete
  4. Indeed, Bank Account Frozen is a bank account that you cannot access because a creditor has placed a levy on it. In fact, a dept collector cannot freeze your bank account unless it has a judgement. Judgment creditors freeze people's bank accounts as a way of pressuring people for payments. In this problem you can consult DebtCare Financial Consultant, they will help you and they will advice for what is the right things to do. Thank you for sharing this informative site.Asking for more info in Capital Accounts Collection Agency? Glad we had this one.

    ReplyDelete
  5. This post has really impressed me a lot. That’s why I am quite cheerful that you described the real facts in you post. payday loanscom

    ReplyDelete
  6. It's not my very first time to visit this blog; I’m visiting this daily and acquire superb info from here day by day.online payday loans

    ReplyDelete
  7. DO YOU NEED AN URGENT LOAN???
    INSTANT AFFORDABLE PERSONAL/BUSINESS/HOME/INVESTMENT LOAN OFFER WITHOUT COST/STRESS CONTACT US TODAY VIA Whatsapp +19292227023 Email drbenjaminfinance@gmail.com

    Hello, Do you need an urgent loan to support your business or in any purpose? we are certified and legitimate and international licensed loan Company. We offer loans to Business firms, companies and individuals at an affordable interest rate of 2% , It might be a short or long term loan or even if you have poor credit, we shall process your loan as soon as we receive your application. we are an independent financial institution. We have built up an excellent reputation over the years in providing various types of loans to thousands of our customers. We Offer guaranteed loan services of any amount to people all over the globe, we offer easy Personal loans,Commercial/business loan, Car Loan Leasing/equipment finance, Debt consolidation loan, Home loan, ETC with either a good or bad credit history. If you are in need of a loan do contact us via Whatsapp +19292227023 Call/Text +1(415)630-7138 Email drbenjaminfinance@gmail.com
    ®Capital Managements Inc™ 2021.
    Share this to help a soul right now, Thanks

    ReplyDelete