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.
Income Taxes In A Bankruptcy
2009-12-16
We regularly get phone calls from individuals asking if amounts owing to Canada Revenue Agency for income taxes can be included in a bankruptcy, or a proposal for tha matter. The answer is yes. In Canada these debts are treated no differently from amounts owing on a credit card or line of credit, for example. I believe many people think these debts cannot be included because they cannot be included in a bankruptcy in the USA and they have likely read a website on bankruptcy without realizing that the laws are different. The same comment is true for amounts owed for interest and penalties, for GST, for any provincial sales taxes and for source deductions owing. The only minor execptions to the above general comments are: a) actual fines imposed by the Tax Court would not be released (and would any fines or penalties imposed by any court of law) and; b) in a proposal any amounts owing for source deductions must be paid in full in the first six months of the proposal. Please do not hesitate to contact any of our insolvency team in any of our offices if you wish to discuss your particular situation. Ian Schofield MNP Regina 306-790-7904
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Will Bankruptcy Erase All Of My Debt?
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