Tax debt and CRA`s ability to seize bank accounts

I owe quite a bit of back taxes. However, I was wondering if before declaring bankruptcy is there a minimum amount of money which I am allowed to keep (i.e. can CRA seize all of the money in my bank account even if the result is that it will put me on the street)?

Posted on Thursday, September 4, 2008 | Filed under: Bankruptcy
 posted by Questions @ 7:35 am 1 Comment
1 Expert Comment:

 At September 12, 2008 | 8:11 am , Barton Goth GCO Bankruptcy Trustees Said...

You are allowed to keep sufficient money in your bank to cover your normal monthly expenses. Any other savings you may have is an asset that the creditors legally have an interest in and you will have to deliver to your trustee upon filing for bankruptcy.

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