Fundamental Insolvency Principals: How to effectively advise your clients when CRA is threatening them - A trustee's perspective - 2022
Tax planning is a core concern of most public accountants and business advisors. When a client’s business suffers financial difficulty and can’t pay the CRA, accountants are often left in a challenging advisory position. How do we effectively advise our clients when the CRA is (or is threatening to) crush them ?
Identifying warning signs of financial difficulty and understanding the CRA’s enforcement mechanisms is critical to successfully navigating our clients through the storm. In this course, we will discuss the CRA’s legislated powers, and will review various successful outcomes through practical case study.
Topics to be covered will include:
- Fundamental insolvency principles relevant to the business advisor
- CRA director liability assessment
- ITA s.160 / ETA s.325 assessments
- Deemed trusts
- Case review
Joel Ross CPA, CIRP, LIT
Joel is a federally-licensed insolvency trustee and CPA, CA. After articling and spending several post-designation years in assurance and tax advisory roles at a mid-sized accounting firm in Toronto, Joel pivoted to focus exclusively in matters of corporate and personal insolvency. Following stints at a national insolvency firm and at a boutique, in 2016, Joel founded Ross Advisory Group Inc. to continue his insolvency and restructuring practice. Joel assists businesses, lenders, individuals, and other stakeholders in resolving financial difficulty. He has acted in formal and informal insolvency and restructuring proceedings in a number of industries, including real estate development, agriculture, waste, manufacturing, franchised businesses, retail, not-for-profit, hospitality and recreation.