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]
2025-11-07
Bankruptcy Consumer Proposal
If you're facing a mountain of debt, you're not alone. There are two viable options available to help you find relief: Consumer Proposal and Bankruptcy. Each approach offers unique benefits that can be tailored to fit your specific financial situation.
2025-11-06
Filing for bankruptcy doesn’t mean losing everything. Learn which assets are protected in B.C. and how to move forward with a fresh financial start.
2025-11-05
Debt Solutions
Unexpected tax debt can be a daunting prospect. How can you confirm the CRA is really calling you — and pay back what you owe?
