Hello,
Five years ago my brother and I opened an incorporated company. It was a dog grooming business. We only operated for 11 montsh, and then closed the doors.
My problem is I just found out that my brother did not pay the taxes or GST and the whole time I just assumed he was.
The government has just started demanding I make some payments, is there anything I can do or am I stuck with this?
At December 29, 2009 |
11:49 am
, Bart Goth, Trustee in Bankruptcy Said...
Well as a director you are personally liable for the GST. So your options are as follows:
1. Make payment arrangements directly with CRA;
2. Obtain a consolidation loan to pay CRA in full and then make payments over time on your consolidation loan;
3. Depending on whether or not you have any other debts you may be able to consider the filing of a consumer proposal to try to negotiate a settlement with your creditors (please not likely not an option if all of your debt is with CRA); and
4. You could file a personal bankruptcy, although this should really only be considered if you have ruled out all other options.
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