Your Tax Debt Through Refinancing Mortgages in Waterloo
There is old saying by
Benjamin Franklin: "In this world nothing can be certain, except death and
taxes". Sadly this is all too true, and taxes affect everyone. From
Vaughan to Waterloo and all across Canada, everyone in every tax bracket owes
tax, whether you are self-employed, hold down three jobs, or cash out from your RRSP. Tax debt can
completely change your lifestyle and needs to be taken care of right away. One
should reassess where they stand with their mortgage payments and arrears on
their property tax. If homeowners are behind in mortgage or property tax, they
should consider getting a loan. Alternatively, Waterloo homeowners can take out a home equity line of credit
or second mortgage. It is best to make these decisions under the guidance of an
accredited mortgage specialist.
a Mortgage Specialist
It can be hard to find
a trusted mortgage specialist, especially when first breaking into the housing
market. The Canadian Association of Accredited Mortgage Professionals (CAAMP)
is a great resource when looking for an industry professional to guide you
through all things mortgage related. CAAMP was founded in 1994 and has been
committed to excellence and government standards and regulations. CAAMP is
working hard to ensure that mortgage brokers are accredited professionals
nationwide by developing the Accredited Mortgage Professional (AMP) in 2004.
They make sure that the mortgage industry is up to date with facts, figures,
and the media. Their mission statement on CAAMP is to "To provide leadership,
advocacy, education and information to ensure successful collaboration between
the association, its members, regulators, and mortgage consumers.”
When your expenses and
taxes are too hefty, you should consider refinancing your with a Waterloo mortgage broker.
This is because taxes are owed to the government, who can use their power to
collect owed debts. The Canada Revenue Agency (CRA) has the
authority to forcefully collect taxes, and under the Bankruptcy Act the CRA is
able to deduct automatically from wages, freeze bank accounts, and
make equity claims. This can be stopped by either paying your tax debts or filing
for bankruptcy. The damage can be repaired by refinance your mortgage
with a mortgage broker. They can tailor a repayment plan with a consumer
proposal that needs approval from the CRA to be valid.
Many people assume
that because tax debts are governed by tax laws, they are subject to special
rules and can be treated differently. There is some truth to this thought,
since there is the option of making a consumer proposal to the government
unlike other lenders and banks. The real difference comes in the CRA’s
authority as they are able to collect owed debts when other creditors cannot.
It is recommended to act as fast as possible since the longer the delay, the
more debt piles up. That's why a Canadalend mortgage broker can
help - contact them today to get back on track
by refinancing mortgages in Waterloo.