Directors of corporations can be held personally liable for the unremitted HST and payroll deductions owing by those corporation to the Canada Revenue Agency (“CRA”). However, when a corporation files for bankruptcy, the CRA is required to undertake certain steps in...
Your client calls you and indicates that they have tirelessly attempted to collect a substantial debt owing to them. Emails, phone calls and letters demanding payment have not resulted in any collection. In these situations where the debt is owing, but payment hasn’t...
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...
Some businesses reach a point in their life cycle when they are saddled with debt and there simply is not enough cash to go around. Some of these businesses are able to generate enough cash to work with their creditors to get through the cash crunch. Unfortunately,...
Generally speaking, individuals and corporations are able to sell or transfer their property to anyone without concern. However, there are times when a transferor cannot do whatever he or she would like to do with his or her property including, giving it away,...
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...
Tax lawyers and accountants know well that often times individuals and businesses are required to object, appeal or request relief in order to correct an error made by the Canada Revenue Agency (“CRA”) and/or to reduce interest and penalties which were assessed...
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...
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. ...
Bankruptcy can be a good option when you have a serious amount of debt. If you have a limited income, have little to no equity in your assets and are struggling to pay your bills and pay down the debt, bankruptcy may be the best option for you. What are the Benefits...
