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 […]
What is “Director’s Liability?”
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.