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?
Can Revenue Canada Take Money From Your Bank LOC Too?
- Last Updated:
- Jul 5th, 2015 8:02 pm
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- SCORE
- Gammatron [OP]
- Penalty Box
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- Oct 19, 2012
- 3359 posts
- 420 upvotes
- Toronto
5 replies
- daivey
- Penalty Box
- Dec 27, 2013
- 8003 posts
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- 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.
Also the bank won't let you pay your line of credit balance.
- Solsearchin1
- Deal Fanatic
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- Nov 24, 2012
- 5909 posts
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- Space
No, since that's not your money.
- Gammatron [OP]
- Penalty Box
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- Oct 19, 2012
- 3359 posts
- 420 upvotes
- Toronto
Thanks. So I won't be able to pay off my CC balances with that bank then? Brutal.
- fieldhousehandyman
- Deal Addict
- Jan 19, 2011
- 3142 posts
- 1460 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!
Just a guy who dabbles in lots of stuff learning along the way. I do have opinions, and readily share them!
- mikeymike1
- Deal Fanatic
- Apr 16, 2007
- 8134 posts
- 3479 upvotes
- Financial District B…
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
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