DioGuardi: Rate your Tax Problem - Seized bank accounts

DioGuardi: Rate your Tax Problem - Seized bank accounts - 4.0 out of 5 based on 340 votes

( 340 Votes )

DioGuardi Tax Problem

 

The CRA must register a certificate in federal court before they can take legal action to collect on your tax balances. One of the first things the Taxman will target is your bank account(s). This is achieved by sending a Requirement to Pay (RTP) letter to your bank. They do not need to specify the account number. They simply inform your financial institution that it has been ordered to remit all funds payable to you (i.e. the money in your account(s)) directly to the CRA, to the maximum as indicated on the RTP letter. Your bank is by law required to comply. If the amount demanded exceeds the balance in your account(s), your bank account will remain “frozen” and you will continue to be unable to access funds from it. Any funds you deposit will be remitted swiftly to the CRA.

 

This RTP will prevent the bank from honouring automatic payments, such as your mortgage, car lease, loan repayments, insurance remittances, etc.

 

The CRA will agree to withdraw the RTP when you come to suitable payment terms with them, likely for the full amount outstanding. Then you bank account will return to “normal”.

Note: The amount you owe to the CRA as shown on the RTP letter may not represent the full amount of tax you owe, since interest is accrued daily, or new assessments may be added to your balance between the time the RTP letter is issued and the time you come to payment terms with the CRA. Unfortunately, the CRA is in a position to dictate how much money they must receive before they withdrawn the Requirement to Pay order.

Experienced legal tax representation can assist you in coming to terms with the CRA to release your bank account(s).

> Read > Watch > Follow

 

>


ABOUT SSL CERTIFICATES