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Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 101406
Experience:  Lawyer
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My company is a federally chartered company holding a

Customer Question

My company is a federally chartered company holding a Certificate of Incorporation under the Canada Business Corporation act, in Quebec.
There is one shareholder (myself) holding 100 shares at a value of 1.00 each.
The company has no assets.
Am I personally responsible for the:
Deductions at source owing?
Income tax for the Company owing?
Provincial (PST/GST) owing?
If so, to what extent?
Thank you,
***** *****
Denise Mitchell entertainment Today Inc./Amusement aujourd'hui Inc. no:147978-4
Submitted: 2 years ago.
Category: Canada Law
Expert:  Debra replied 2 years ago.

You are personally responsible for the deductions at source that are owed and for the PST/GST that are owed.

You are not personally responsible for the income tax the corporation is owing.

Customer: replied 2 years ago.
Personally responsible entirely or to the maximum of the share value?
Expert:  Debra replied 2 years ago.

You are responsible for the full amount owing.

It has nothing to do with share value.

You are holding that money in trust for the government and owe it even if your company and you personally declare bankruptcy as it is not a debt but considered money held in trust.