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starting a small business in Ontario

I am considering starting a small business run from my home and have been okayed at the bank for financing. My husband is worried that if the business doesn’t go well, that we will lose everything we have. I am confident that it will do well (childcare). If I was unable to make a go of it, and had to declare bankrupcy what would be the outcome? Is the business financing separate from our personal finances or is everything tied together?

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One Response to “starting a small business in Ontario”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This is a complicated issue and depends partially on the ownership structure of the business and how the financing was obtained. If you have incorporated the business there is limited protection in place from most creditors except the government for payroll remittances, GST and any debts that you have personally guaranteed. Now in terms of loosing everything, as long as you haven’t pledged access to your personal assets, each province has a set of exemptions that your creditors would not have access to.