Can CRA Toronto Seize Or Take Your Assets

Where is CRA located?

The head office of CRA Toronto is located in Ottawa and it is divided up into five regions for administrative purposes, including the Atlantic, Quebec, Ontario, Prairie, and Pacific. CRA is the revenue agency of Canada which helps to maintain a fair practice of taxes among its citizens. Thus the collection of taxes administers tax law and policy and delivers benefit programs and tax credits for the federal government and most provincial and territorial governments are done by the CRA or Canada Revenue Agency. It also oversees the registration of charities in Canada.

CRA Toronto

What CRA can do if you are found guilty?

CRA audit is something that can be a nightmare if not handled properly. The CRA can do the following things if you are found guilty:

  • Garnish other sources of income
  • Seizing / freezing bank accounts
  • Seize your assets
  • Garnish your wages
  • Sell your assets
  • Lien your property
  • Force a sale of property
  • Also can get your credit cards canceled

Getting yourself an eligible Toronto accountant is the only way you can save yourself from any possible CRA visit. Contact the RC Financial Group today and get yourself professional help for your taxes. Remember if you cannot afford to pay the full amount of your debt, we will assist in negotiating a payment plan with the CRA, one that allows you to continue living your life as you see fit, not how CRA Toronto wants you to live.

Can CRA take your assets?

The straight answer to this is YES the CRA can seize your assets this could include your car, boat, artwork, cottage, rental property, or personal residence. As a business, this could include your business assets and property. This could include your car, boat, artwork, cottage, rental property, or personal residence. As a business, this could include your business assets and property.

Things you can do to survive a CRA audit

Cooperate and always be respectful: CRA or Canada revenue agency people are government people who are doing their duty to audit you. If you do not cooperate or be disrespectful to them this will only increase your trouble and this is something which you don’t want for yourself. Thus be disrespectful because they are visiting you for a reason and it’s you who did the mistake. Thus co-operate and try to assist them with everything they want.

Take professional help: Get yourself a professional tax accountant to help you with any possible CRA Toronto audit. A professional accountant can properly guide you with the entire necessary steps and precautions for you which can save you from potential CRA audit. Also, they will help you make a plan which will help to avoid any possible audit or handle a CRA tax audit.

Maintain your records: Your records are your proof and you should have them with you all the time. They are the only way you can prove your point in front of the CRA officials, thus keep the records of your taxes with you safely and in proper order. Thus when the time comes you can show them and prove your point. Contact us for a personal tax accountant for getting the best accountant to help you.

Don’t take the CRA audit lightly and handle them with maturity, CRA is a revenue agent for the government of Canada and has a lot of power in their hand. Get yourself a professional tax specialist in Toronto with RC Financial Group and get professional help to handle CRA properly. If you are a self-employed person then you should be more careful.

Leave a Reply