Navigating Crushing CRA Enforcement: an Insolvency Trustee’s Perspective - 2022
When a client’s business suffers financial difficulty and can’t afford to 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 ? What can we do to delay, postpone, or prevent the CRA from commencing action ? Is a successful outcome even possible, and what would that entail ?
Understanding the CRA’s enforcement mechanisms is critical to successfully navigating clients through the storm. In this course, we will explore the full reach of the CRA, including the CRA’s legislated enforcement powers and enforcement methods often used by the CRA, discuss bullet-proofing strategies, and review various successful outcomes through practical case study.
We re-introduce and further elaborate upon the following topics:
- Fundamental insolvency principles
- CRA director liability assessment
- ITA s.160 / ETA s.325 assessments
- Deemed trusts
- Typical CRA enforcement scenarios
- Case review
Following our discussion of CRA enforcement and navigation, we will discuss methods of dealing with shareholder or partnership dispute.
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.