Blog

Protecting Corporate Directors from CRA Assessments

In Canada, the directors of a corporation may be the subject of significant personal liability in the event that the corporation becomes insolvent and cannot repay all of its creditors. One of the most common creditors to assess the corporation’s directors is the...

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Using A Bankruptcy To Unravel A Financial Fraud

Often times an investigation into the financial affairs of an individual or business that is suspected to have been involved in a financial fraud is impeded by the inability of the aggrieved party to obtain the necessary documents, records and other information needed...

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CRA Froze and/or Garnished Your Bank Account? Options?

It is no secret that the Canada Revenue Agency (“CRA”) has tremendous legislative power to pursue businesses and individuals who are in arrears of their tax obligations. These powers include, among other things, the ability to freeze and garnish funds in bank...

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The Proliferation of the Consumer Proposal

A consumer proposal is a legislative tool that individuals can use to consolidate and reduce the amount of their debts without filing for bankruptcy. For individuals, debt consolidation legislation is governed by the Bankruptcy and Insolvency Act (the "BIA")....

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CRA’s Collection Push is Here

The Canadian Revenue Agency (CRA) has made it clear that they plan to get much better at collecting outstanding tax debts over the next 5 years, which means Canadians who aren’t current or compliant with their tax payments need to be on notice.  But with that said,...

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CRA Assessments: A Tough Negotiation

A common feeling amongst many professionals, business owners, and self-employed individuals is the nervous sensation that accompanies any type of letter from the Canada Revenue Agency (CRA).  Generally speaking, it doesn’t matter what the letter says, nervousness...

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Tips to Avoid Bankruptcy

Nobody want to declare bankruptcy, aside from the toll it will take in an individual's credit score the mental impact can be  staggering to anybody. That said, and given the impact that bankruptcy can have on people, this week's blog offers up some helpful tips that...

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Tax Evasion: A CRA Focus

Over the course of several months I have taken the opportunity this blog provides to explain some of the Canadian Revenue Agency (CRA) activities being undertaken to reduce Canadian tax evasion and ensure that everybody is paying their fair share to the Government. ...

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New “Self-Employed” Economy Leads to Greater CRA Debts

I recently took a ride in an Uber car and had a very interesting conversation with my driver that highlighted a precarious problem for Canadians: being self-employed and planning for end of year income taxes is not always easy for people to do. Within one month I...

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Inactive Businesses Still Need To Be Compliant With CRA

An avoidable mistake Even when a business is completely inactive, and not generating any income, the owners should still file the required returns with the Canada Revenue Agency (CRA) to avoid issues, including potential penalties that can arrive years down the road....

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Should I file a Consumer Proposal in Toronto or the GTA?

If you’re struggling with your finances, you are not alone. Many people have an ongoing problem with debt, especially since it can sneak up on you when you least expect it. One day you’re behind on one bill and the next day you’re months behind on several bills and...

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5 Facts about Ontario Consumer Proposals

Choosing to file an Ontario Consumer Proposal is a big decision, and understandably you’ll have questions regarding what steps you need to take, how the process works and what will happen after it’s all said and done. Here are a few facts to consider about Ontario...

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Why a Consumer Proposal Makes Good Sense

When debt accumulates to a point where it is difficult to manage even your minimum monthly payments, something has to give. Most people that find themselves in a situation where they are drowning in debt and want to pay their creditors. Sometimes creditors will demand...

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