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...
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 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,...
Corporate insolvencies involving Canada Revenue Agency (“CRA”) debts have been increasing for several years. Up until the outbreak of COVID-19, CRA utilized their extraordinary investigation and collection powers with ever increasing vigour. Will the era of COVID-19...
