2025-09-12
To be or not to be — a director. That is the question.
Thinking of becoming a company director in Canada? Sure, it’s an impressive title. But it’s also a serious legal responsibility.
Corporations And Directors Liabilities
2008-11-25
Directors of a corporation can be personally liable for certain debts should the corporation be bankrupt or be unable to pay the debts. These debts include: - certain employee wages - unpaid payroll remittances - unpaid GST Corporate income taxes owing to Canada Revenue Agency are not a personal liability of the director. There is an exception to this: - The directors transferred property to themselves at a time when the corporation owed corporate taxes (the transfer of property can include the payment of dividends). If the directors benefitted by receiving property or a dividend, they may be personally liable for the corporate income taxes. Donna Carson, CGA, CIRP, Trustee Calgary, Airdrie, Drumheller regions 403.537.7657 or 1.877.500.0792 [email protected]
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