CRA debt help in Alberta
Pay off CRA debt with your home equity
If you own a home in Alberta and have equity, you can usually use it to pay what you owe the Canada Revenue Agency in one lump sum. That stops the daily interest on the tax bill, ends the collection letters, and leaves you with one mortgage payment.
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The short answer
Owing the CRA is stressful, and it often happens to good people: the self-employed, people whose business had a hard year, or anyone who fell behind on a tax bill. A refinance or a second mortgage can pay the CRA in full. The review is free, with no obligation.
- CRA paid in one lump sum
- One mortgage payment instead of a payment plan
- Every cost in writing before you sign
Is it right for you?
Sometimes a CRA payment plan or taxpayer relief is the cheaper route. We’ll tell you if it is.
A good fit if you…
- owe personal income tax, GST, or payroll remittances from a business
- are on a CRA payment arrangement that’s hard to keep up with
- have received collection letters or calls from the CRA
- were turned down for a mortgage or renewal because of tax owing
- have equity in your home (most lenders lend up to 80% of its value on a refinance)
Not a good fit if…
- the CRA has agreed to a payment plan you can afford. If the plan works and the balance is small, keeping it may cost less than mortgage fees.
- you might qualify for relief. The CRA can cancel or waive some penalties and interest in certain situations. Ask an accountant first.
- your tax filings aren’t up to date. Lenders usually want your returns filed and a confirmed balance. File first.
- the tax problem will repeat. If next year’s tax isn’t set aside, you could end up with a bigger mortgage and new tax owing.
- the payment is a stretch. The loan is secured on your home.
How it works, step by step
1
Free review
Tell us about your home, your mortgage and what you owe. It’s free, with no obligation and no judgment.
2
Quick approval
We compare 50+ banks, credit unions and private lenders. Approval answers typically come back in 12–24 hours, with every cost in writing.
3
Start saving
When the mortgage funds, the tax owing is usually paid directly to the CRA from the advance. Lenders typically make this a condition of the loan. Then you make one mortgage payment.
A real example
A CRA payment plan was replaced by one smaller mortgage payment.
Illustrative example
Self-employed homeowner · $90,000 owing to the CRA
Today: CRA payment plan
$2,500/mo
Income tax · GST · daily interest
After: 1 mortgage payment
$1,000/mo
Back in your pocket
$1,500/mo
What changed
- Paid to the CRA
- $90,000
- Monthly payment
- $2,500 → $1,000
- Saved each month
- $1,500
- Saved each year
- $18,000
Interest-only, short term. The payment covers interest only, so the loan itself is still owed when the 12-month term ends. We agree on the plan for that day before you sign: usually renewing, or moving to a bank mortgage once your credit or income allows.
If your credit and income qualify for a bank refinance, the total cost is usually much lower. We check that first.
Example only: a $100,000 private second mortgage at 11.99%, interest-only, for a 12-month term. Lender fee $2,000 and brokerage fee $1,500 are deducted from the advance; legal and appraisal are extra. Payment $999.17 a month. Total cost of borrowing $15,490, APR 15.80%. The $100,000 is still owed at the end of the term and is usually renewed or refinanced. Subject to lender approval (O.A.C.).
Why paying the CRA off can matter
The CRA charges interest on overdue tax, compounded daily, starting the day after the due date, and can add penalties (Canada Revenue Agency).
If a balance goes unpaid, the CRA has strong collection powers. It can take money from your wages or your bank account (CRA: requirement to pay), and once the debt is certified in court, it can register a lien against your property (CRA: liens).
Many lenders also want tax owing paid out as part of a new mortgage, so clearing it can make your next renewal easier.
What could you save?
Enter what you owe the CRA as your debt, and the interest rate the CRA charges you.
What it costs
Your rate depends on your situation, not a sticker price. You’ll see every cost in writing before you sign anything.
Your review
$0
- Free, with no obligation
- We look at your mortgage, your debts and your home’s value
- Approval answers typically in 12–24 hours
Bank refinance
Lowest rates available
- For steady income and good credit
- Borrow up to 80% of your home’s value, minus what you owe
- Paid off over up to 30 years, with terms up to 5 years
Second or private mortgage
Higher rate, built for flexibility
- For consumer proposals, CRA debt or when the banks say no
- Usually a 12-month, interest-only term, then renewed or refinanced
- Lender and brokerage fees apply. We show you the exact amounts upfront.
What sets your rate: how much equity you have, your credit, your income, and your property. Before you commit, we give you your exact rate, every fee, your monthly payment and your total cost of borrowing in writing. All mortgages are subject to lender approval (O.A.C.). Licensing and disclosures.
Get your real numbers. Free review, answer in 12–24 hours.
Why homeowners choose MortgageSolvers
6,132
Rates lowered
Homeowners whose mortgage rate we have brought down.
50+
Lenders compared
Banks, credit unions and private lenders, so you don’t have to tell your story ten times.
12–24 hrs
Fast answers
Approval answers typically come back in 12–24 hours, with every cost in writing.
$300–$700
Typical monthly savings
What clients typically save each month on a refinance. Your own numbers come in writing first.
Real homeowners. Real monthly relief.
From 180+ Google reviews by Alberta homeowners.
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I was treated with care and dignity. The staff were outstanding! Not only did they get me a lower interest rate, but saw a flaw in my past financial mess and made me aware of a serious issue that was not my fault. The team and my lawyer attacked the situation with pure dedication and got me a pay out that was much more than expected. It seems this company cares and will go to the mat for you. They did for me! Thank you, so, so much!!!
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Amazing experience! Got a mortgage to payoff my property tax bill in 48 hours!
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Questions people ask
Can I get a mortgage if I owe the CRA?
Often, yes, if you have equity and the new mortgage pays the CRA balance. Most lenders also need your tax returns filed and up to date.
Is it better to pay the CRA with a second mortgage or a refinance?
It depends on your current rate and your penalty. A second mortgage leaves your first mortgage alone; a full refinance can cost less if you qualify with a bank.
Will the CRA put a lien on my house?
It can, in some cases. If a tax debt goes unpaid, the CRA can have the debt certified in court and then register a lien against your property (Canada Revenue Agency). Paying the balance in full is one way to deal with it.
Can the CRA reduce my penalties and interest?
Sometimes. Through taxpayer relief, the CRA can cancel or waive penalties and interest from the last 10 calendar years if you faced circumstances beyond your control or can’t pay. You apply on Form RC4288 (Canada Revenue Agency). Talk to an accountant first.
I’m self-employed and the bank says my income is too low. Can you help?
Often. Many self-employed people write off expenses that lower their taxable income. Some lenders look at bank statements or your equity instead.
How fast can I get an answer?
Approval answers typically come back in 12–24 hours.
Related options
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