CRA Debts and Insolvency for Canadian Accountants 101

Welcome to "CRA Debts and Insolvency for Canadian Accountants 101," a vital course designed to equip Canadian accountants with the knowledge to navigate the complexities of CRA debts and insolvency. In the post-COVID era, more Canadians and businesses are grappling with insolvency, often burdened by significant tax debts including income tax, GST/HST and payroll source deductions.

This course bridges the knowledge gap often faced by accountants, empowering you to better advise clients on managing their financial affairs during challenging times. We speak one-to-one with Ianina Raguimov, a Licensed Insolvency Trustee at Albert Gelman Inc., who shares invaluable expertise from years of dealing with insolvent entities, accountants, and the CRA.

You will learn to:

• Understand the legal definition of insolvency and its nuances.
• Identify early warning signs of business insolvency.
• Differentiate between the roles of a Licensed Insolvency Trustee (LIT) and other debt advisors.
• Explore formal insolvency remedies under the Bankruptcy and Insolvency Act (BIA), specifically bankruptcy and proposals to creditors.
• Address unique considerations for individuals with high personal income tax debt (over $200,000).
• Navigate tax filing requirements during bankruptcy and proposals.
• Uncover common surprises for insolvent tax debtors, including the impact of CRA's enhanced collection powers under Section 160 of the Income Tax Act and Section 325 of the Excise Tax Act.
• Understand shareholder loan considerations for corporations facing bankruptcy and strategies to secure claims.
• Gain insight into the processing times for bankruptcies and proposals involving the CRA.

Through real-life examples and practical insights, this course highlights the critical role accountants play in the insolvency process, ensuring you can provide proactive and informed guidance to your clients. Enhance your advisory skills and become an indispensable resource for clients facing financial distress with the Canada Revenue Agency.