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...
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")....
For lawyers who do not practice regularity in bankruptcy and insolvency matters, with the next few email updates we hope to shed light on a few of the interesting provisions in the Bankruptcy and Insolvency Act (“BIA”) that are used quite regularly by the Insolvency...
Licensed Insolvency Trustees have a wealth of experience and expertise in helping business owners get through turbulent times. As professional advisors, we must leverage that experience and expertise to assist businesses negatively affected by COVID-19. Our goals...
The Canada Revenue Agency (CRA) has continued to make massive improvements in the area of income tax debt collection, and is showing no signs of slowing down. Methods traditionally reserved for extreme cases, such as wage garnishments, liens, and the invoking of other...
Many accountants and lawyers encounter clients who, despite their best efforts to make a business thrive and be successful, take on too much debt and must consider insolvency proceedings. At times the biggest challenge when facing these scenarios is determining the...
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,...
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...
Over the course of the next decade one of the largest wealth transfers in Canadian history will take place as Baby Boomers pass down their wealth to their children and grandchildren. You will likely have some friends and family who will benefit from this wealth...
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...
