Filing for Bankruptcy on behalf of your business doesn't directly impact your personal credit score or appear on your personal credit report. However, if you've signed personal guarantees for business debts, you could be personally liable for those debts, even if the business files for Bankruptcy. Additionally, your personal liability may vary depending on the structure of your business. For more detailed information on this topic, you can read...

Debt can be a valuable tool for business growth when managed wisely. It can fund essential investments like new equipment and hiring, boosting revenue and credibility. However, it's crucial to assess debt carefully to ensure it aligns with your goals and doesn't pose undue risk. By working closely with lenders and planning strategically, you can leverage debt effectively to support your business's success. Read our blog post here for more information....

If your small business is grappling with debt, you have options to explore, including Bankruptcy and Consumer Proposals. These solutions offer pathways to address financial challenges and regain control of your business's future. Speaking with a Licensed Insolvency Trustee from MNP can provide invaluable guidance tailored to your unique situation. During a free, confidential consultation, they can assess your finances, discuss available options,...

Tax debt arises when individuals owe the government money due to insufficient tax payments. While income tax deductions are typically taken from paycheques as estimates of annual tax obligations, the actual amount owed can vary based on individual income levels. If one's tax deductions do not adequately cover their tax liability, they will owe an amount known as tax debt when filing their tax return. Learn more about tax debt here .