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Corporate Bankruptcy and The Agency

If my corporation has 300k owing in back taxes to Revenue Canada will bankruptcy erase this debt?

Posted from: British Columbia

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One Response to “Corporate Bankruptcy and The Agency”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This depends on the type of taxes that are owed. If the corporation owes any GST or Payroll Remittances (i.e. employee portion of tax, cpp or EI) then the answer is no. These types of taxes are something that the director is personally liable for, so if the corporation files bankruptcy these types of tax survives in the directors personal name and the director will be forced to look at personal options (i.e. personal bankruptcy) to deal with these items (note: if the director claims bankruptcy after the corporation is closed he will be personally cleared from all this tax debt).