2014-05-15
Most business owners who are incorporated are now aware that if the company does not pay its various sales taxes, employees’ salaries, vacations or DAS, – then as the administrator of the company you are responsible for these liabilities.
Did you know? If, as a tax planning strategy, you declare a dividend instead of taking a salary (and deduct the appropriate withholdings), the company is insolvent and it owes corporate income taxes - the government can claim from the outstanding amounts from you as a Director.
How do you protect yourself? Always pay your government remittances on time. Be sure to remember that you and the company are two separate legal entities. This means that even if you are the sole owner or director – you still have obligations.
2025-04-25
Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
2025-04-24
Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
2025-04-16
Alternatives to Bankruptcy Bankruptcy
How can you reduce food waste? These strategies can help benefit both the environment and your bank account.
