Personal Finance

Can Revenue Canada Take Money From Your Bank LOC Too?

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  • Jul 5th, 2015 8:02 pm
[OP]
Penalty Box
User avatar
Oct 19, 2012
3359 posts
418 upvotes
Toronto

Can Revenue Canada Take Money From Your Bank LOC Too?

If the CRA takes over your savings bank account can they also access your line of credit money?
5 replies
Penalty Box
Dec 27, 2013
8003 posts
4007 upvotes
Toronto
They can't withdraw money but the bank will freeze it for the cra. So you can't get around the freeze by using your loc as a chquing account .

Also the bank won't let you pay your line of credit balance.
[OP]
Penalty Box
User avatar
Oct 19, 2012
3359 posts
418 upvotes
Toronto
Thanks. So I won't be able to pay off my CC balances with that bank then? Brutal.
Deal Addict
Jan 19, 2011
3010 posts
1279 upvotes
Time to call the CRA and negotiate, to protect whatever credit rating you may still have.
"The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is."
Just a guy who dabbles in lots of stuff learning along the way. I do have opinions, and readily share them!
Deal Fanatic
Apr 16, 2007
8125 posts
3457 upvotes
Financial District B…
Gammatron wrote: Thanks. So I won't be able to pay off my CC balances with that bank then? Brutal.
One has nothing to do with the other.
If the CRA freezes your bank account that does not mean you stop servicing any revolving or instalment debt you have with them.
While you won't have access to any funds in the seized accounts your financial obligations do not go away. You will have to find other means to service them while you negotiate with the CRA.
CRA freezing has nothing to do with the bank you do business with. It has all to do with you and any outstanding financial issues you have with the CRA.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again

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