Tax debts are not considered to be secured and can therefore be released through bankruptcy. For a company, directors are nevertheless responsible for deductions at source and for the GST and QST.
Frequently asked questions
It is only natural to ask all kinds of questions when looking for a solution to your money problems. You may well find answers to your questions in our FAQs section.
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This varies with the terms of the consumer proposal that you have decided to file. However, the time allowed for payment cannot exceed five years.
Yes, when the two persons’ debts are shared. They can then file a joint bankruptcy or consumer proposal to avoid doubling the costs.
That depends on what joint debts you may have. If you share several loans, creditors will approach your spouse following your bankruptcy. If you have no joint debts, your bankruptcy will not affect your spouse.
In Quebec, your furniture and other goods are exempt from the filing if their value does not exceed $6,000. In Ontario, they are exempt from the filing up to a value of $11,300.