2010-12-16
Most types of taxes go away in a bankruptcy, just like a bank loan or a credit card. This applies to personal income taxes, corporate income taxes, GST debt, Director's Liability on corporate tax or GST, etc. Interest and penalties on those debt also goes away. You have to watch out, though, for registrations that Canada Revenue Agency ("CRA") can make against your property. If, for example, you own your home and if you owe personal income taxes, CRA can apply for a Federal Court judgment against you and they can then register that judgment against your home. If they do that, it's as though they have a mortgage on your home. If you do a bankruptcy and choose to keep your home, you will still have to pay the amount of CRA's judgment - a bankruptcy won't get rid of it. If you file a bankruptcy before any registrations are in place, CRA can't file any registrations after the bankruptcy has started. Judy Scott - Trustee Meyers Norris Penny Limited Port Moody - Burnaby - Maple Ridge 604.949.2113 [email protected]
2025-06-19
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.
2025-06-18
The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.
2025-06-16
Bankruptcy Alternatives to Bankruptcy
Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.
