Don’t lose your home to the Canadian Taxman Canadian Revenue Agency (CRA)

CANADA REVENUE AGENCY (CRA) Lien on Property

Once the CANADA REVENUE AGENCY (CRA) has registered a certificate in the federal court against your tax balance owing, they can move to secure your assets. Your home and/or cottage are assets commonly targeted through the registration of a property lien.

The CANADA REVENUE AGENCY (CRA) will not necessarily notify you that a lien has been registered on the title of your property. You may not discover it until you try to sell your home, or refinance the home.  You will be prevented from closing a sale or refinancing until you make arrangements with the CANADA REVENUE AGENCY (CRA) for proceeds from any sale or home refinancing to be directed to the CANADA REVENUE AGENCY (CRA) against payment of your debt.

When your tax debt is settled, or you negotiate suitable payment terms with the CANADA REVENUE AGENCY (CRA), the lien may be discharged.

How do I know if there is a lien registered against my home?

A title search on your property will reveal the existence of a lien.

Does a lien mean the CANADA REVENUE AGENCY (CRA) will take my home?

A lien is registered as security against your tax debt. However, after the passage of significant time, if your tax balance remains unpaid, the CANADA REVENUE AGENCY (CRA) may register a Writ of Seizure and Sale, which is a very serious enforcement action. If you do not make arrangements for settlement of your tax debt, the CANADA REVENUE AGENCY (CRA) then has the legal authority to seize your home and sell it. Any proceeds remaining after your tax balance is settled will be paid to you. But your home will have been liquidated to satisfy your tax debt.

 Do you have a judgement for lien from Canadian Taxman which is Canadian Revenue Agency (CRA) ?

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Navtaj Chandhoke is a veteran Canadian Real Estate investor, Master Coach/Mentor/Speaker & Canadian hard money lender . Join now Canadian REI Club membership to attend upcoming No $$ Down Canadian Real Estate Seminar LIVE in Canada and become next Canadian Real Estate Apprentice