NOTICE OF CRA TAX LIEN
NOTICE OF CRA TAX LIEN
When the CRA puts a lien on your assets, it is the equivalent of a public statement that you owe money to the government. The CRA may institute liens on your property once they have done the following: determined that you own unpaid taxes, notified you, and failed to receive payment from you. After these three events have taken place, you’ll receive a notice in the mail informing you that the CRA has put a lien on your property.
CRA liens cover a wide variety of property, that includes your home, vehicles, money in the bank, and other property you own or have right to such as your retirement or RRSP. Because CRA liens cover so many things, they can be especially frightening. If you don’t protect your assets, the CRA may take them from you or place a Federal Tax Lien against them. If you’ve never dealt with a lien before, the first thing you’ll need is a clear and concise explanation of your options. This is just what we offer you at CRA Tax Rescue.
The CRA will use tax liens to get you to pay your tax debt, and they will file a Notice of Federal Tax Lien with the Court in your area. This lien is a public notice that you owe taxes to the CRA. The filing of the Notice can give you a major financial headache, and can cause problems such as making it difficult to obtain credit. Imagine the shock of opening the mail and finding a notice of Federal CRA Tax Lien, or attempting to sell your home and finding out just before you close, that you have a tax lien that needs resolved.
If you don’t take care of a Federal Tax Lien by paying the CRA what you owe in back taxes, you will have no success in getting a release of this lien. CRA tax liens generally last until you have paid the CRA the money you owe them. CRA tax liens can also affect your ability to dispose your property, even if you want to give your house to a family member, because the lien is recorded with the court you may be unable to transfer title in the house to someone else.
As soon as you receive the notice of tax lien, call for help right away. Our consultations are always FREE and confidential, so call us today!