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What Happens To My Tax Refund During A Debt Relief Program?

Tax season is just around the corner; what to do if you are planning to take on a debt consolidation program. Below are the things you need to know if you are planning to file a debt relief program to get rid of debt but are worried about your Tax Refund.

Before April, Canadians will start filing their tax returns. CRA encourages everyone to file their tax returns as soon as possible. The reason why the agency also encourages everyone to file taxes ahead of time as early as February 2021, is to avoid delays and reduce potential exposure to COVID-19 by filing online.

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Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

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Tax Refund

However, due to the Pandemic, most Canadians were affected financially and have taken advantage of CERB. This led to people taking on Debt Consolidation Program to get rid of debt including CRA Tax Debt.

“Stay of Proceedings”

Taking on a Government-Approved Debt Consolidation Program automatically creates a “Stay of Proceedings” under the Federal Law. This means that all your creditors must cease all collection activities and they cannot continue any legal action against you including the most powerful creditor – the Canada Revenue Agency (CRA).

Effect on Tax Debt

Tax Debt

We will send notice to the Canada Revenue Agency that you have filed a Debt Consolidation Program so that just like other creditors, they must stop collection activities such as collection calls, wage garnishment, legal actions (lawsuits), and freezing your bank accounts.

It is worth noting that Stay of Proceedings will not recover anything that has already been taken but prevents any further seizure of assets.

Can CRA Keep My Tax Refund After Filing a Debt Relief Program?

Income Tax

The answer is it depends. Every person has a unique financial situation, therefore the answer to this is depending on your status with CRA and other factors.

Once you take advantage of a government-approved debt relief program, all creditors including CRA can no longer take action to collect on your debt without the authority of the court.

For some instances, creditors can apply the money refundable to you against the amount of your debt as of the date on which your debt relief program has taken effect. It means that it can set off or keep the tax refund, or other government benefits such as Child Tax benefit, Social Services benefits.

What Help Is Available for Me?

Debt Relief Program

National Debt Relief Services can help answer your questions about debt relief options to help get rid of tax debt. We offer debt solutions to Canadians experiencing financial hardship. We understand the importance of your health, we can discuss your options via zoom or phone call for free100% no obligation, no risks, and no commitments.

Our debt consultants can help create a personalized debt relief program that will include your Tax debt and can reduce it by up to 50%-75% from the original amount. That means you will only pay a portion of your debt in a fixed monthly payment and the rest is forgiven.

We have hundreds of 5-star Google reviews that you can read at this link. Our government-approved debt relief programs have helped hundreds of Canadians get out of debt and have a fresh start.

Click the button below to get your Free Debt Savings Estimate. One of our debt consultants will explain all the details of this program for you and answer your questions.

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I was lost ... single mom... off due to Covid for 3 months .. did what it took to pay bills and look after my kids... and left with nothing but a tonne of debt I could not keep up with 😢. And then ....I met Connie.. Connie gave me my life back. The entire experience was like talking to my mother. She was full of compassion and knowledge and took me under her wing for this entire process. She turned tears into smiles and hope . She reassured me.. and made me feel like it was Going to be ok. I can’t thank her and the team (Paul) enough for helping me through this . I highly recommend National Debt Services to anyone looking for help with their debt . Start living again ❤️. Thanks Connie Jen
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Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

We will help you compare
the options and savings of all formal debt relief programs available to you.

SEE IF YOU QUALIFY TO:

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Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.

 

This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

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