Tax debt is one of the most serious kinds of debt given the powers of the CRA to collect. The main difference between the CRA’s and other creditors' ability to collect, is that they can freeze your bank account without a court order. Since they don’t need to go to court, they are much more likely to use this method. This is a very strong power and one of the ways that the CRA pressures people into paying their debts. Can the CRA freeze your bank account without notice? What can you do when this happens and how can you avoid it? Derek Chase, Licensed Insolvency Trustee, answers these questions.

Derek also discusses:

• How to stop wage garnishment and unfreeze bank accounts
• When a Stay of Proceedings can be put in place 
• How to communicate with the CRA
• Work out a payment plan to avoid penalties and collection practices
• Consulting with a Licensed Insolvency Trustee and the services they provide

If you are struggling with tax debt and need someone to talk to, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.

About Derek Chase

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.  

Additional Resources 

• Derek L Chase & Associates Ltd. Licensed Insolvency Trustee
• Wage Garnishment: How It Works, What You Can Do, and Other FAQs
• Canada Revenue Agency Has Frozen My Bank Account. What Do I Do?

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