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Is the debt to revenue Canada excused if the corporation declares bankruptcy?



Grant Thornton Limited



Mar 27, 2014



C. That depends on the type of debt owed to CRA. A liability for source deductions will have a priority which can attach to assets of the corporation and rank ahead of other creditors including secured creditors. GST debt in a corporate bankruptcy ranks equally with other unsecured creditors. If you are concerned about the personal liability of directors of a corporation for unremitted source deductions and GST, I can advise that CRA can assess directors personally for these tpes of corporate debt. PLease call me to discuss this is more detail. Thanks for the question.

Marie Kozlowski
T 403-296-3082


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