Outstanding Revenue Canada Debt
CRA or Revenue Canada Debt can be a quick killer to your loan applications! Almost all banks/lending institutions now insist on getting your Notice of Assessment or Statement from your account to ensure you don’t owe the government any money. And if you do, they are going to turn down your application.
If that debt gets significant, the CRA has the ability to put a lien on your property, which would block your attempts to refinance or even sell your property. The CRA also has the ability to take priority on the title, even ahead of mortgage lenders, which is why many will turn you down when outstanding taxes are owed.
The good news is that Plan B helps dozens of clients each month get all caught up and square with the government. The big banks may not want to lend over these issues, but we have many Alt lenders, MIC (mortgage investment companies) and who are willing to lend, with the CRA debt being paid directly from the loan proceeds. This not only removes any potential liens, but you’ll feel relief, while opening up more refinance options in the future.