Toronto Debt Solutions

Director Liability in Ontario: Can the CRA Take Your Personal Assets? Director Liability in Ontario: Can the CRA Take Your Personal Assets? Are you a business owner in Ontario worried about personal liability when your corporation is struggling? In this video, Ira Smith, Licensed Insolvency Trustee, breaks down the harsh reality of director liability under the Bankruptcy and Insolvency Act (BIA). Many Canadian directors believe their incorporation protects them from everything—but when it comes to CRA source deductions and unpaid wages, the "corporate veil" can be pierced. In this video, we cover: 00:00 Introduction: Director Liability in Ontario 00:11 The Corporate Shield Myth: Is Your Personal Wealth Actually Safe? 00:01:03 The CRA Tax Trap 00:02:13 The Due Diligence Defence: Your Ultimate Cheat Code 00:02:33 The Personal Guarantee Trap 00:03:13 Level 4: Employee Wage Claims & WEPP 00:03:36 The Illegal Preference Trap (BIA Sections 95 & 96) 00:04:00 Your 5-Step...

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Probate in Ontario: Don't Pay the Deceased's Debts Yourself (Crucial Advice) Probate in Ontario: Don't Pay the Deceased's Debts Yourself (Crucial Advice) Do you always need probate in Ontario? Navigating life as a newly appointed estate trustee can feel overwhelming. Everyone is looking to you for answers, money, and action. In this survival guide, we break down the complex rules, explore hidden shortcuts, and help you dodge the administrative crossfire. Whether you are dealing with a small estate certificate, calculating estate administration taxes, or trying to understand personal liability, this video covers everything you need to know to successfully manage an estate in Ontario Are you acting as an Estate Trustee in Ontario? Before you distribute a single dollar, you need to watch this. Many trustees don't realize that you could be held personally liable for the debts of the deceased—including taxes owed to the CRA if you don’t handle the administration of ...

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The Going Concern Assumption: Can Your Canadian Business Survive Insolvency? The Going Concern Assumption: Can Your Canadian Business Survive Insolvency? Are you worried your business is no longer a "going concern"? In the Canadian insolvency landscape, this accounting assumption is the difference between restructuring your debt and facing a forced liquidation. In this video, Ira Smith, a Licensed Insolvency Trustee, breaks down what the going concern assumption actually means for Canadian business owners, the risks of ignoring insolvency, and how the Bankruptcy and Insolvency Act (BIA) can be used to protect your business. If you are struggling with CRA tax debt, high interest rates, or cash flow pressure, understanding your status as a going concern is the first step toward recovery. In this video, we cover: 00:00 Introduction: The Going Concern Warning 00:56 The Going Concern Warning: Panic or Plan? 02:40 The 30-Day Survival Plan: The Ticking Clock 03:19 Choosing You...

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