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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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small business with GST and payroll owing to CRA

I have a small business in Saskatchewan. I have an amount of gst and payroll deductions owing to revenue canada. It is a financially tight situation currently and I’m trying to find options. My first question is, what exactly can CRA do legally to my business that is held in a numbered company, can they shut it down? Second, what other options are there in trying to figure this out?

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One Response to “small business with GST and payroll owing to CRA”

A licensed trustee said...

If you get very far behind with your payments to the government, they do have the power to seize your bank account, which effectively shuts your business down. One option is to try to negotiate payment terms directly with them. The other option is to consult a licensed trustee to explain your options in more detail; they may also be able to help you negotiate a settlement.