GST owed by business

December 7th, 2009 by Questions

I had a small business I operated as a sole proprietorship that I lost due to illness earlier in the year. I`ve been unable to work and am looking at bankruptcy. Is the amount of GST owed on my business account included as debt to CRA? Is it includable in a bankruptcy?

Posted from: Alberta


One Response to “GST owed by business”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If the business is no longer operating and a personal bankruptcy is filed, the GST will be included as a debt and cleared upon sucessfully obtaining your discharge from bankruptcy. In this case GST is really just like any other unsecured debt and would not fall into the category of debts that are not released by bankruptcy,

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