2025-10-21
How we helped a client decide between a consumer proposal and bankruptcy
A client thought bankruptcy was their only way out. See how a consumer proposal helped them keep their home and repay debt with confidence.
Small Business Owners And Directors Liabilities In Insolvency Situations
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.
Latest Blog Posts
2025-10-20
Seniors and Debt
Alternatives to Bankruptcy Bankruptcy Consumer Proposal Lifestyle Debt MNP Consumer Debt Index
Just when seniors should be relaxing and enjoying the fruits of their labour, many find themselves struggling financially — an unsettling contrast to the ease they’d hoped to live their golden years.
2025-10-17
How buyer’s remorse laws can help you stay out of debt
This is called buyer’s remorse. In some cases, Canadian law provides protections that can help you reverse these costly decisions and avoid sinking further into debt.
