To pay CRA arrears or not to pay CRA arrears, that is always the question
We all know the answer – YES!! Pay them right away! But what happens when you didn’t save up enough?
Or just anticipate the amount that you actually owe current. This is what I want to discuss.
When you own your own home you have many options that can take care of this debt, which carries interest and penalties of 10% plus! Click here to have a look.
So what can be done?
Here at Mortgage Suite, we have a team of agents that handle these sorts of situations. We usually end up moving clients to a one-year solution, or a 5-year solution at a credit union. If the credit works we can keep your mortgage interest rate almost the same, or within your weighted average savings. In light of this fact, we came up with the best 5 reasons you should consider refinancing to payout C.R.A./Bad debt.
Here are 5 reasons why you should pay off your back taxes with your Home Equity
- Firstly, C.R.A. debt is one of those things that always will linger, getting bigger. In my experience, CRA debt is one in particular that comes with many different fees, penalties, and other charges. It is better to get rid of it to avoid costly future money.
- Secondly, it’s easy to pay out the debts with a good beacon score, sometimes resulting in the same rate if not better. Find out what your rate would be here
- Thirdly. the costs if your credit is bad, always out-weigh the costs of carrying such high-interest debts. Check out this article on B-lending to understand.
- Fourthly, one easy payment – we all know C.R.A. notifies you in the mail. If you are all paid up – less mail, less stress, fewer headaches
- Fifthly, Health stress improvement. It’s easy to understand this. Not having a psychological debt weigh over your head is a feeling worth having. Less Stress = happier life.
Don’t end up like Tom Petty and his tax issues.
So, if its bad debt you need to take care of we have you covered.
Mike Braga Mortgage Agent
