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, when a business is facing financial difficulties it is hampered by unprofitable supply agreements or expensive service contracts. Any business that is using the Bankruptcy and Insolvency Act (the “BIA”) to make a proposal to its creditors may utilize certain...
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...
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")....
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...
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 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. ...
