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 Survival Action Plan 00:04:30 Final Thoughts & How to Get Help If your business is facing insolvency, don’t wait until the CRA starts seizing assets. Get professional, federally regulated advice. 📞 Call us: (647) 799-3312 🌐 Visit: https://ift.tt/nFBAO0o 📍 Location: 167 Applewood Crescent, Unit 6, Vaughan, ON Disclaimer: This video is for educational purposes only and does not constitute legal or financial advice. Estate laws are complex. Please contact us to discuss your specific situation. #DirectorLiability #CRA #LicensedInsolvencyTrustee #BusinessInsolvency #DebtReliefCanada #IraSmithTrustee TAGS: Director liability, Director liability Ontario, CRA debt, business insolvency Canada, Licensed Insolvency Trustee, Ira Smith Trustee, Bankruptcy and Insolvency Act, Division I Proposal, corporate debt Canada, personal liability for directors, small business bankruptcy Ontario, debt relief Canada, insolvency professional
via YouTube https://www.youtube.com/watch?v=A9fyzxndnmw
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 Survival Action Plan 00:04:30 Final Thoughts & How to Get Help If your business is facing insolvency, don’t wait until the CRA starts seizing assets. Get professional, federally regulated advice. 📞 Call us: (647) 799-3312 🌐 Visit: https://ift.tt/nFBAO0o 📍 Location: 167 Applewood Crescent, Unit 6, Vaughan, ON Disclaimer: This video is for educational purposes only and does not constitute legal or financial advice. Estate laws are complex. Please contact us to discuss your specific situation. #DirectorLiability #CRA #LicensedInsolvencyTrustee #BusinessInsolvency #DebtReliefCanada #IraSmithTrustee TAGS: Director liability, Director liability Ontario, CRA debt, business insolvency Canada, Licensed Insolvency Trustee, Ira Smith Trustee, Bankruptcy and Insolvency Act, Division I Proposal, corporate debt Canada, personal liability for directors, small business bankruptcy Ontario, debt relief Canada, insolvency professional
via YouTube https://www.youtube.com/watch?v=A9fyzxndnmw