Entries by BreezeMaxWeb

Is Bankruptcy The Answer to Student Loan Debt

Student debt is increasingly becoming a problem in Canada. Tuition fees in most provinces continue to rise at exponential rates, requiring students to take out loans. Many students in Ontario rely on the Ontario Student Assistance Program (OSAP) to afford their post-secondary schooling. The problem is, it can take years or even decades to pay […]

Insolvency professionals get a new name: Licensed Insolvency Trustee

Office of the Superintendent of Bankruptcy (OSB) announces change to the designation of insolvency professionals across Canada TORONTO – Wednesday, December 02, 2015 – The federally licensed professionals who administer debt relief services to consumers and companies across the country will have a new name. The Office of the Superintendent of Bankruptcy (OSB) today announced […]

Do you owe money to the Canada Revenue Agency (CRA)?

You may have received a letter from the CRA advising you of an unpaid tax amount and it will speak of “legal actions” to come if you do not call and arrange a repayment. The types of legal action that CRA may take are varied and the letter will warn that these legal actions may […]

What is “Director’s Liability?”

I put my life and savings into my incorporated business and it failed.  Now the tax Agency says I owe for something called Director Liability? I have no money or assets to pay such a debt…what can I do? This is a fairly common scenario.  Simply stated, Director’s Liability is the liability that can be […]

Can I still make a Consumer Proposal if I owe Canada Revenue Agency Taxes?

Yes, most amounts owed by you to Canada Revenue Agency (CRA) and various tax authorities can be included in your consumer proposal. The starting point of your consumer proposal (or an assignment in bankruptcy) is when you make a full disclosure of the totality of your debts.  Creditors will want to know what is owed […]