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Alberta bankruptcy Q&A forum

Question:

 

CRA placed a lien on my mother's condo due to back taxes owed. If she declares bankruptcy will the CRA debt go away and will she lose her condo? She has a bank loan on the condo as well.


From:

 

Grant Thornton Limited

Date:

 

Jan 08, 2016

Answer:

 

Hi John, Once Canada Revenue Agency registers a lien with land titles the debt will not be discharged in a bankruptcy if there is sufficient equity available in the property to pay the secured items. Canada Revenue typically do not force people out of their homes if it is their principal residence. However, when she goes to sell her house the first and second mortgage (if applicable)along with CRA will be paid before any proceeds are released to your mother. If you and your mother will like to sit down and discuss her financial issues please contact our office at 310-8888.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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