CRA’s Priority

In a recent Federal Court of Appeal case, the Court found that the Crown has priority over secured creditors regarding deductions at source that were withheld but not remitted to the Canada Revenue Agency (CRA)
The property is deemed to be held in Trust. The secured creditor is obligated to remit to the Receiver General the Read More

By |July 7th, 2013|SmallBiz Builder|

Business Investment Loss – Denied

In a Tax Court of Canada case, a mother had guaranteed the business loans for her son’s corporation. Unfortunately, the corporation failed and subsequently the mother paid off the loans. The mother claimed business investment losses for the amounts repaid.
Her only motivation for the guarantee was to assist her son’s business. She did not charge Read More

By |July 2nd, 2013|SmallBiz Builder|