If you are a homeowner and the CRA is garnishing your wages, there are ways that you may be able to raise the capital to pay off your income tax debt and move forward with your life.
If you have a tax problem you may have gone to an accountant or even a lawyer. The bottom line is if you have a tax debt and you know that you owe the money and simply can't pay it, what you really have is a financial problem.
Those who find themselves in the unfortunate situation of having their wages garnished by the CRA, often experience both financial and personal consequences that include financial hardship and personal embarrassment.
Many homeowners in this situation don’t think that they have options because they have gone to their bank and as soon as they mentioned that they have a tax debt they were promptly declined for credit.
The thing is, if you own a home you have more options than your bank, before you give up on seeking the funds to pay off your CRA income tax debt.
Consulting a mortgage brokerage that specializes in helping consumers with tax debt is your first step. A qualified mortgage broker in Toronto will be able to access different sources of mortgage funding that include trust companies, finance companies, mortgage investment corporations, private lenders and more.
Depending on your credit, employment type, provable income and amount of equity you have in your home, there are other companies who may lend you money at affordable low mortgage interest rates and flexible mortgage terms.
If you have bad credit or can't prove your income, you will simply require more equity.
Paying your CRA income tax debt in full is by far the fastest and most effective way to stop a wage garnishment, while preserving your credit. For more information about how you can use your home to stop a wage garnishment please visit www.firstequity.ca.
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