http://www.bankruptcy-alberta.com/2008/03/wage-garnishee.html Bankruptcy Alberta: Bankruptcy Services in Alberta. Links to Alberta Bankruptcy Trustees. Mon, 16 Nov 2009 15:50:09 +0000 hourly 1 http://www.bankruptcy-alberta.com/2008/03/wage-garnishee.html/comment-page-1#comment-459 Barton Goth, GCO, Bankruptcy Trustees Mon, 14 Apr 2008 15:00:08 +0000 http://www.bankruptcy-alberta.com/2008/03/wage-garnishee.html#comment-459 There is a formula set by the government that the average creditor must follow. The way it works is as follows, with a typical creditor, you are entitled to keep the first $800 of your take home income (net income), half of any remaining money you earn up to $2,400, and nothing above $2,400 (i.e. they can garnishee 100% of your income above the $2400 cut-off). These limits are then adjusted by $200 for each dependant in your care. While typical creditors have very specific limits to the amount that is available to the creditors, Canada Revenue Agency (CRA) is not bound by these limits. There is a formula set by the government that the average creditor must follow. The way it works is as follows, with a typical creditor, you are entitled to keep the first $800 of your take home income (net income), half of any remaining money you earn up to $2,400, and nothing above $2,400 (i.e. they can garnishee 100% of your income above the $2400 cut-off). These limits are then adjusted by $200 for each dependant in your care. While typical creditors have very specific limits to the amount that is available to the creditors, Canada Revenue Agency (CRA) is not bound by these limits.

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