Debt to government
GST-QST, ITR, taxes
When a company goes through a period of financial stress or suffers an unforeseen setback, it can be difficult to meet its tax obligations. This can have far-reaching consequences, as government authorities have fast and binding means of recovering amounts owed.
These remedies include :
- seizure of bank accounts without prior notice;
- customer account retention;
- confiscation of equipment or other company assets.
Without prompt action, these measures can have irreversible effects on the company’s operations. What’s more, directors may be held personally liable for tax debts incurred during their term of office.
It is therefore essential to act quickly and implement a suitable strategy. Depending on the situation, different solutions can be deployed with the help of a licensed insolvency trustee.
Is
your situation?
Answer the questions to get a clearer picture.
Are you behind on your GST and QST remittances?
Are you receiving notices or reminders from Revenu Québec regarding unpaid sales taxes?
Are you temporarily using the GST/QST collected to meet other cash flow needs?
Are you having trouble making payroll deductions?
Have you ever been charged interest or penalties for late tax remittances?
Possible solutions
Find the best solution
Whatever your company’s tax situation – assessment notices, seizures, debts to Revenu Québec or the Canada Revenue Agency – there are concrete solutions to ease the pressure and restore sound management. Our trustees and advisors will support you with rigor and empathy, proposing avenues adapted to your company’s reality: composition proposal, restructuring, negotiation with tax authorities. Discover the solutions available to you.
Inspiring testimonial
The dispute at
Mélanie and Karine
“Thank you to the BRESSE team for taking the time to explain the options available to me. The solution suggested by my professional enabled me to avoid bankruptcy.” Mélanie and Karine
Other situations
Lack of liquidity
Lack of liquidity often arises during major changes such as rapid growth, a change in market or the loss of a major customer. Financial obligations pile up and available resources dwindle.
Legal proceedings
When a company is the target of a seizure or judgment, its accounts can be frozen, its assets seized and its activities paralyzed, rapidly worsening an already precarious financial situation.
Decline in sales
A sharp drop in sales jeopardizes a company's stability. Whether it's the result of a loss of customers, an economic slowdown or increased competition, it calls for a rapid response to limit the impact.