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Tax-Driven Bankruptcies and CRA Collections issues, with special guest, Michelle Scheller
Season 4 · Episode 8

Tax-Driven Bankruptcies and CRA Collections issues, with special guest, Michelle Scheller

The Tax Chick Podcast

July 20, 202329m 54s

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Show Notes

"Who cares if I owe a lot of money to CRA?  I can just go bankrupt!"

I have heard this statement quite a few times in my career... but unfortunately, there are a lot of misconceptions about bankruptcy, and in particular the interception of bankruptcy and tax debt.  Now that CRA has ramped up their collections action again, I thought it might be an appropriate time to bring on an expert to help chat about these topics.  My special guest, Michelle Scheller, is a licensed insolvency trustee with MNP Ltd., and I have referred a number of clients to her team in the past to help with particularly "sticky" CRA collections issues.  Michelle and I chat about the following:

  • What is a licensed insolvency trustee? (4:40)
  • What does it mean to "go bankrupt" or "be insolvent"? (5:05)
  • What is a proposal versus a bankruptcy? (10:05)
  • What are the special rules that apply when you have a "tax driven" bankruptcy? (16:35)
  • What are the first steps you should take if you think you need help? (21:30)

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Topics

taxbusinessentrepreneurfinance
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