Urgent Help needed - Post here! - CRA taking on bank’s portion of an old risk shar

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CRA taking on bank’s portion of an old risk shar

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Topic: CRA taking on bank’s portion of an old risk shar

Posted By: Woodburner
Subject: CRA taking on bank’s portion of an old risk shar
Date Posted: 23/December/2019 at 10:12pm

A family member recently received a letter from Employment and Social Development Canada demanding a big chunk of money. This has to do with a risk share loan from the ‘90s. The thing is, he paid off the federal part of the loan over 15 years ago. They told him that once a year, the bank can hand the loan back to the feds to collect. REALLY?! Has anyone heard of this? What to do??