GST owed by business
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
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,