1-877-744-3436 Apply Now
man in a suit offering a deal to refinance mortgage with bad credit

Can I Get A Loan To Pay CRA Taxes BC

By | Blog | No Comments

How To Pay CRA Taxes

Owe Taxes To CRAIf you are self employed chances are at one time or another you have been late or missed paying your taxes.

CRA has strong powers enabling them to collect missed taxes. CRA can withhold child tax credits, GST credit take money from bank accounts or pay cheques as well you will be charged interest on the taxes you have outstanding.

How to Prepare

To prepare start by knowing what you owe, submit all outstanding tax returns to CRA. Obtain professional assistance from an accountant or tax preparation service.

What if You Can’t Pay All At Once

If you can’t pay your CRA bill in one lump sum you may be able to apply for a negotiated payment schedule. This schedule is usually a length of one year. You will be required to pay interest on the Tax arrears until taxes are completely paid off. A CRA office near you will be able to provide you details on how to get this done.

What Next If You Can’t Pay CRA Debt Off

If CRA Does Not Accept Your Offer you will likely have to look at other options. One common options is if you own a home with home equity you can obtaining a 2nd mortgage or a home equity loan to payout CRA in one lump sum. Keep in mind a HELOC through your bank is likely not an option due to banks commonly do not allow the payout of income taxes in a refinance or equity takeout.

How to Avoid History Repeating itself with Tax Debt

To help avoid accumulating to much tax debt have a plan. Try putting away a monthly amount for taxes.

Try to guess what your annual income will be. Then look at a Marginal Tax Rate Grid for BC & Federal Taxes. Here is a Link to TaxTips.ca there you will find a rate per income threshold. Use this information to make predictions on how much tax you will owe based on each income threshold you surpass.

CRA requires quarterly payments on income taxes so by following this grid it can assist you with making those CRA tax instulments.

Best Home Equity Lender BC

Private 2nd Mortgage Coquitlam BC

By | Blog | No Comments

Private 2nd Mortgage Coquitlam – Deal of the Month April

Client has a $2,400,000 valued home in Coquitlam with a large 1st mortgage. I secured a 2nd mortgage of $300,000 @ 8.99% Broker/Lender fees under 2% of the mortgage amount

Home Equity Loan CoquitlamClient needed funds to do some debt consolidation and home renovations with the intent to sell in just over a year. Clients credit was great but the income was very low and not enough to sustain conventional debt service requirements with a bank. They now have the funds they need to renovate their home and consolidate debt as well as assist them with payments over the term of the mortgage.

Alternative Mortgage

Alternative Mortgage Deal Of The Month

By | Blog | No Comments

Alternative Mortgage Deal Scenario

Client came to Jeff Di Lorenzo of The Mortgage Group Vancouver with a home under foreclosure located in Central BC. This client had many judgments on title plus property taxes outstanding. Client also owned a parcel of land that was previously listed for sale. It turned out that the parcel of land also had property taxes owing for over three years and the crown seized the property without the clients realizing.

We were able to stop the foreclosure, reinstated clients 1st mortgage obtain a 2nd mortgage to payout all arrears and debts as well as apply to get the forfeited lot back into the clients name. We provided additional funds to help assist the client to obtain new employment. Client had suffered a significant personal loss as well as an employment loss.

We are pleased to have been able to assist our client with a fresh start.