{"id":58126,"date":"2023-07-13T00:00:00","date_gmt":"2023-07-13T00:00:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/how-bankruptcy-can-impact-your-business-taxes\/"},"modified":"2024-01-05T10:05:50","modified_gmt":"2024-01-05T15:05:50","slug":"how-bankruptcy-can-impact-your-business-taxes","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/how-bankruptcy-can-impact-your-business-taxes\/","title":{"rendered":"How Bankruptcy Can Impact Your Business Taxes"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\">\n\t\t\t\t\t\t\t<span>Credit and Debt<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">How Bankruptcy Can Impact Your Business Taxes<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Maxine Betteridge-Moes<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-13T124729.124.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"A desk covered in spreadsheets and a calculator\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-13T124729.124.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-13T124729.124.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-13T124729.124.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How Bankruptcy Can Impact Your Business Taxes &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/how-bankruptcy-can-impact-your-business-taxes\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/how-bankruptcy-can-impact-your-business-taxes\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 13, 2023 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Filing for bankruptcy is undoubtedly difficult and emotional \u2014 particularly if you&#8217;re a small business owner. With the Canadian government no longer offering pandemic funding for business owners, many businesses are still struggling to recover, and <a href=\"https:\/\/ised-isde.canada.ca\/site\/office-superintendent-bankruptcy\/en\/statistics-and-research\/insolvency-statistics-canada-april-2023-highlights\" target=\"_blank\" rel=\"noopener\">bankruptcies are rising<\/a>.<\/p>\n\n\n\n<p>If you are contemplating filing for bankruptcy, as a Canadian small business owner, there are tax implications that should be considered as they can have a signficant impact on your financial situation and future taxes owing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bankruptcy business structures<\/h2>\n\n\n\n<p>In Canada, different tax implications depend on whether you&#8217;re filing for bankruptcy as a sole proprietorship, partnership, or corporation.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Sole proprietorship<\/strong>: The bankruptcy process for a sole proprietorship is identical to and has the same implications as personal bankruptcy because the CRA considers you and your business to be the same entity. However, despite the bankruptcy of the sole proprietor, the business operations may continue.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Partnerships<\/strong>: If you\u2019re in a business partnership with another person and declare personal bankruptcy, the partnership can no longer exist. If you partner with more than one other person and declare personal bankruptcy, the partnership may continue to operate. Still, you will have the same implications as filing for personal bankruptcy.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Corporations<\/strong>: A corporation is a separate legal entity and requires a board of directors to pass a resolution that authorizes filing for bankruptcy. Usually, unless a corporation can pay all debts, the company ceases to exist.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>A Licensed Insolvency Trustee (LIT) is a regulated professional in Canada who can explain the general process of business bankruptcy depending on the structure of your business while providing tailored advice to help you in your unique situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tax debt discharge<\/h3>\n\n\n\n<p>When individuals or businesses file for bankruptcy in Canada, the Canada Revenue Agency (CRA) is automatically notified. Outstanding tax debts owed to the CRA or provincial tax authorities at the time of filing are typically included in this process, which means that tax debts are generally discharged or forgiven. However, if the business owes income for tax years after you have been discharged from bankruptcy, you are still required to pay it.<\/p>\n\n\n\n<p>In certain cases, if the tax attributes of a corporation filing for bankruptcy are not enough to absorb the amount of debt forgiven, this may be included in the calculation of the business&#8217;s taxable income and may create a tax liability.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Tax returns<\/h4>\n\n\n\n<p>Even in the event of bankruptcy, a business must file all necessary tax returns, including for the period up to the bankruptcy date and any outstanding returns. A LIT will notify your creditors and make any tax refunds available. If you are a shareholder in a corporation that files for bankruptcy, you can deduct the value of your shares as a loss on your next tax return.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Reporting requirements<\/h4>\n\n\n\n<p>A LIT can help you complete all the required forms for filing for bankruptcy in Canada. This includes an \u201cAssignment,&#8221; in which you declare that your bankruptcy trustee is taking control of your property for the benefit of your creditors, and a \u201cStatement of Affairs&#8221; that lists your assets, liabilities, income, and expenses.<\/p>\n\n\n\n<p>Other supporting documents may include tax returns, proof of income and expenses of you and your family, and proof of any assets owned by you. To learn more about the process and reporting requirements, visit the CRA <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/businesses\/topics\/changes-your-business\/receivership-bankruptcy.html\" target=\"_blank\" rel=\"noopener\">website<\/a>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">GST\/HST obligations<\/h4>\n\n\n\n<p>Filing for business bankruptcy doesn&#8217;t necessarily impact you personally; however, there are implications regarding harmonized tax (HST) and payroll taxes. If the CRA cannot collect these taxes from the business, they can personally assess a director of the business and hold them liable for the full amount of unpaid taxes. Therefore, if your business is registered for GST or HST, the bankruptcy trustee must cancel this business tax account and file any outstanding returns.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Tax losses<\/h4>\n\n\n\n<p>In the case of a corporation, any tax losses incurred by the business before bankruptcy can generally be carried forward and applied against future taxable income if the business continues operations after bankruptcy.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-cbb5b86f-a9ca-4573-8158-294b46b72124\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How Bankruptcy Can Impact Your Business Taxes &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/how-bankruptcy-can-impact-your-business-taxes\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/how-bankruptcy-can-impact-your-business-taxes\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-7b8d68c0-4a09-44b7-84b1-948b05385211\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Credit and Debt<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/03\/iStock-1343159253_b7ad5a.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Woman and trainer lifting weights in a gym\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/03\/iStock-1343159253_b7ad5a.jpg 2121w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/03\/iStock-1343159253_b7ad5a.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/03\/iStock-1343159253_b7ad5a.jpg?resize=768,512 768w, 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\/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/\">\n\t\t\t\t\t\tBusiness Bankruptcy\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/business-bankruptcy-in-canada-top-10-questions-answered\/\" class=\"card-title h4 mar-t-0\">Business Bankruptcy in Canada: Top 10 Questions Answered<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-25T145540.132.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Close up of woman on laptop rating customer satisfaction feedback survey\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-25T145540.132.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-25T145540.132.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-25T145540.132.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/\">\n\t\t\t\t\t\tBusiness Bankruptcy\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/the-impact-of-bankruptcy-on-your-customers-maintaining-relationships\/\" class=\"card-title h4 mar-t-0\">The Impact of Bankruptcy on Your Customers: Maintaining Relationships<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style 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