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Leverage the value of your home to clear outstanding CRA taxes, offering you a practical solution to manage and eliminate your debt.
Leverage the value of your home to clear outstanding CRA taxes, offering you a practical solution to manage and eliminate your debt.
If you are facing a significant amount of debt owed to the Canada Revenue Agency (CRA), leveraging your home equity can be a viable and effective solution to clear your tax obligations.
Accessing funds through your home means lower rates compared to CRA penalties or unsecured loans, helping you retain more of your hard-earned money.
Accessing funds through your home means lower rates compared to CRA penalties or unsecured loans, helping you retain more of your hard-earned money.
Promptly resolving CRA debts reduces the risk of property liens, garnished wages, or frozen accounts, ensuring your peace of mind and continued financial freedom.
Halt interest growth, end penalties, and prevent escalating financial burdens
Avoid super-priority liens and protect your home's security and equity
Improve lender confidence, enabling lower rates, better loan terms, and expanded borrowing options
Prevent wage garnishments and maintain control over your income
If your tax debt remains unpaid, the CRA can legally secure its interest against your home—outranking even your mortgage lender. This puts your property at serious risk.
Before granting a mortgage, most lenders require proof that your taxes are current. Outstanding CRA debts can limit your borrowing options and may result in less favorable terms.
Private Lenders and Higher Costs Private lenders may provide funds if you have sufficient home value to back the loan. However, they typically charge higher interest rates that can quickly become costly.
Refinancing can unlock funds from your property, allowing you to pay off CRA debts. This can lead to more manageable interest rates, improved cash flow, and greater peace of mind.
Don’t let CRA debts jeopardize your homeownership. Apply now to explore your options and move toward a more secure financial future.
Our team will review your finances, determine the total CRA debt you owe, and decide if refinancing your home is the right solution for managing your debt.
We will appraise your property and gather all necessary documents to prepare your application for submission, ensuring a smooth and efficient process.
We identify and present the most suitable financing options tailored to your financial situation and handle the submission process on your behalf.
Our experienced lawyers will use the refinance funds from your lender to fully settle your CRA debt, ensuring a seamless and secure resolution that restores your financial stability.
By replacing your current mortgage with one at a higher amount, you can access the funds needed to pay off your CRA debt. This option may involve working with a B lender if you qualify. It’s ideal when you can secure a favorable interest rate and comfortably handle the new payment schedule.
Our team can secure a HELOC, which enables you to draw funds as needed to clear your CRA debt. Then, you repay on a schedule similar to a credit card—often at a lower interest rate. This approach provides ongoing access to funds and a manageable repayment structure.
If traditional refinancing isn’t feasible, private lenders may offer short-term loans based on your home’s value. While interest rates are typically higher, these loans can quickly settle your CRA obligations, helping you avoid additional penalties and regain financial stability.
Yes, you can use home equity to pay off CRA tax debt. If you own a home and have enough equity, you can refinance your mortgage, secure a Home Equity Line of Credit (HELOC), or take out a private loan to access the funds needed to clear your CRA debt
Using home equity to pay off CRA tax debt offers several benefits:
There are several risks to consider:
The CRA can collect a debt for either 6 or 10 years from the date the limitation period starts, depending on the type of debt. This period can be restarted or extended if certain actions are taken, such as making a voluntary payment, proposing a payment arrangement, or providing a written acknowledgment of debt
To apply, follow these steps:
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
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After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
