Garnishments can really do a lot of damage and even ruin your life. A garnishment is the CRA's way of getting your immediate attention. What they are saying is, we have tried to communicate with you but you have ignored us. Garnishments are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes chequing accounts, auto's, stocks, bonds, boats, paycheques, and even Old Age Security cheques!
Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If this amount did not cover what is owed, they'll keep taking your money until you cover your tax liability. They know that garnishing your bank account will cause cheques to bounce, alerting many people that you have tax problems. But they don't care! Their sole objective is to collect the taxes owed. Period.
As bad as that is, a worse method is a wage garnishment. That's when most of your pay cheque goes to the CRA and they don't leave you enough to pay the bills and most of your cheque goes to the CRA each and every week until the debt is paid.
If that doesn't accomplish what they want, they'll pull out all the stops. They'll seize your assets, and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value.
We are often able to get those garnishments released and help you get out of this terrible situation. Our goal is to get you even with the CRA, with what you can afford, and let you start life anew.
270-2655 NORTH SHERIDAN WAY