Posts Tagged ‘Canada Revenue Agency’
Is a Consumer Proposal Worth It?
Many years ago, the Government created a second path to deal with debt, but many consumers still don’t know about this choice. It’s called a consumer proposal.
Read MoreCOVID- 19 Canadian Emergency Wage Subsidy (CEWS)
CEWS will enable employers to re-hire workers previously laid off, to help prevent further job losses, and to better position businesses to resume normal operations following the COVID-19 crisis.
Read MoreCOVID-19 Economic Response Plan – Income Tax Deadlines Have Been Extended
New tax filing and payment due dates. The due date for filing individual tax returns has been extended to June 1, 2020. Taxpayers will have until September 1, 2020, to pay any 2019 income tax amounts owed.
Read MoreWhat happens to a business when a shareholder goes bankrupt?
A shareholder’s personal bankruptcy or consumer proposal always creates questions and sometimes concerns for anyone who has an interest in the business. Here are a few answers.
Read MoreWhat Happens to Student Loans in Bankruptcy?
If you have been a full- or part-time student in the seven years prior to your bankruptcy or consumer proposal, you will not be discharged from a student loan and payments will resume as soon as you are done.
Read MoreA Little Extra Time for Self-Employed People to File
Even if you cannot pay your full balance owing on or before April 30, 2018, you can avoid the late-filing penalty by filing your return on time; by June 15, 2018.
Read MoreIncome Tax Deadlines Are Coming Soon But Why Do They Matter?
Even if you cannot pay your full balance owing on or before April 30, 2018, you can avoid the late-filing penalty by filing your return on time, by April 30, 2018.
Read MoreDirector Obligations and How To Prevent Corporate Debts From Becoming Personal
Company debts can become personal debts. It is important to understand the links between the Company and directors (including guarantors of Company debts). These links need to be considered and managed when dealing with a Company insolvency. We have the experience to help.
Read MoreIncome Tax Deadlines
For Canadians, April 30 is the official deadline to file your personal income tax return with the Canada Revenue Agency. If you file your return past the deadline you will be assessed a late filing penalty. The deadline, if you or your spouse or common-law partner carried on a business in 2016, is June 15.
Read MoreWhat is a Deemed Trust?
In a bankruptcy, amounts owing for GST/HST and the employer portion of CPP and EI, and penalties and interest on these amounts are unsecured claims, ranking the same as all other general creditors of a debtor. However, before bankruptcy occurs, CRA may obtain a lien or charge (be filing a memorial judgment) against the real or personal property of a debtor, CRA will be a secured creditor.
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