Ira Smith Trustee & Receiver Inc.

11/03/2026

ARE CRA ARREARS CREATING PRESSURE FOR YOUR BUSINESS, and its directors?

Unremitted payroll source deductions and GST/HST can expose directors to personal liability in some circumstances. The CRA may use statutory collection powers without first obtaining a court judgment, subject to the applicable rules and processes.

A formal insolvency filing may affect collection activity, but the effect depends on the filing, the claims and the facts. It does not automatically resolve director liability. Timing and advice matter.

Keep complete financial records and provide full disclosure. Never hide, move or transfer assets to avoid creditors; get professional advice before taking action.

Ira Smith and Brandon Smith are Licensed Insolvency Trustees at Ira Smith Trustee & Receiver Inc. They can discuss whether formal insolvency proceedings or other solutions approved by the Canadian Government may be relevant to your company. This is general information, not advice for your specific circumstances; direct specialised legal questions to an appropriate licensed professional.

For a free, confidential consultation, contact Ira Smith Trustee & Receiver Inc. in Vaughan. Starting Over, Starting Now.
167 Applewood Cr., #6, Vaughan, ON L4K 4K7
irasmithinc.com

11/03/2026

ARE YOU PREPARING FOR A PROPERTY MANAGEMENT TRANSITION?

Before a transition conversation, condo boards and owners can gather key information to understand the current financial and operational picture:

• Recent bank statements and completed bank reconciliations
• Current arrears reports, with amounts, dates and supporting records
• Vendor agreements, outstanding invoices and relevant renewal or termination terms
• A list of where financial and corporate records are kept, and who has custody
• An inventory of access credentials and who controls them, handle credentials securely

Review the agreements and circumstances carefully. Do not assume that contracts or services end automatically.

Preserve records, disclose fully, and never hide, move or improperly transfer assets. Each situation is fact-specific. Ira Smith and Brandon Smith are Licensed Insolvency Trustees with Ira Smith Trustee & Receiver Inc. They can discuss options, including solutions approved by the Canadian Government where appropriate. For specialised legal questions, consult the appropriate licensed professional.

Contact Ira Smith or Brandon Smith for a free, confidential consultation.

167 Applewood Cr., Unit 6, Vaughan, ON L4K 4K7
irasmithinc.com
Starting Over, Starting Now

11/02/2026

IF WE RESTRUCTURE, DO WE ACTUALLY STILL RUN OUR OWN COMPANY?

That is the question owners ask, not which statute applies. In Canada the answer depends on the route.

A debtor in possession is a company that keeps its assets and keeps operating while it restructures. Canada has no Chapter 11 equivalent and no single debtor-in-possession statute. What it has is a set of routes that either leave the company in possession or take possession away.

• Division I Proposal: management keeps operating while the Licensed Insolvency Trustee administers the process. No minimum debt threshold.
• CCAA: the company generally stays in possession, subject to court orders and monitor oversight. A monitor is not a receiver.
• Receivership and bankruptcy take possession away. A receiver controls the assets within the appointment; a bankruptcy trustee administers the estate.

Possession preserves the going concern: customers, suppliers and employees stay because the business keeps running. Possession without financing is short-lived.

Fact-specific; no guarantees. Direct specialised legal questions to the appropriate licensed professional.

Ira Smith and Brandon Smith are Licensed Insolvency Trustees at Ira Smith Trustee & Receiver Inc. Free, confidential consultation: irasmithinc.com or 167 Applewood Cr., Unit 6, Vaughan, ON L4K 4K7.

Read the full article: https://irasmithinc.com/blog/debtor-in-possession-in-canada/

Starting Over, Starting Now.

10/29/2026

ARE YOU CONSIDERING BUYING A DISTRESSED BUSINESS IN ONTARIO? A low headline price does not automatically mean a good transaction: or clean assets.

The structure of the purchase matters:

ASSET PURCHASE: You acquire specified assets, such as equipment, inventory, or intellectual property. Liabilities may not automatically transfer, but the purchase agreement, assumed contracts, employees, taxes, licences, liens, environmental concerns, records, warranties, and other obligations require careful investigation.

SHARE PURCHASE: You acquire the corporation itself. That can include its contracts, employees, licences, tax history, assets, and known or unknown liabilities. The business may continue operating, but continuity, financing, profitability, or clean title cannot be assumed.

Before proceeding, buyers should examine:
• Assumed liabilities and creditor claims
• Contracts, leases, employees, and licences
• Taxes, liens, security interests, and environmental issues
• Corporate records, warranties, and financial information
• Financing conditions and the source of funds
• Court approval or other sale-process requirements, where applicable

Distressed-business transactions can move quickly, but rushing due diligence can create significant financial exposure. Ira Smith and Brandon Smith, Licensed Insolvency Trustees, can help GTA and Ontario business buyers understand the restructuring or sale context and evaluate practical solutions approved by the Canadian Government.

STARTING OVER STARTING NOW means making informed decisions before signing.

For a free, confidential consultation, contact Ira Smith Trustee & Receiver Inc. at 167 Applewood Cr., #6, Vaughan, ON L4K 4K7, or visit irasmithinc.com.

10/22/2026

ARE YOUR HST AND PAYROLL REMITTANCES READY FOR YEAR-END?

Before year-end tax obligations become urgent, Vaughan and GTA business owners should:

• Reconcile HST collected, input tax credits, and filed returns.
• Confirm payroll remittances are calculated, paid, and properly recorded.
• Verify that all required CRA filings are up to date and no notices have been overlooked.
• Compare upcoming obligations with available cash flow.
• Escalate projected cash shortfalls early: before missed remittances create wider financial pressure.

Directors should not assume that business tax obligations can simply be deferred without consequences. Early financial review supports better decisions and helps identify whether a restructuring plan may be necessary.

Ira Smith and Brandon Smith, Licensed Insolvency Trustees, provide practical guidance for businesses facing financial uncertainty. Starting Over Starting Now begins with understanding your position and acting promptly.

Contact Ira Smith Trustee & Receiver Inc. for a free, confidential consultation:
167 Applewood Cr., #6, Vaughan, ON L4K 4K7
irasmithinc.com

10/22/2026

Has your lender enforced its security, or warned that it may? Before reacting, understand what the documents actually say.

A general security agreement (GSA) may grant a lender security over specified business assets, but its scope depends on the agreement’s wording, exclusions, asset ownership and other relevant documents. A GSA does not automatically determine who ranks first: registrations, other security interests and applicable law can all matter.

If a lender enforces, review the GSA and loan documents, the collateral description and exclusions, relevant registrations, default notices and any claimed amounts. Keep complete records, provide full disclosure, and never hide, move or transfer assets. Get advice promptly; delay can narrow practical options.

Ira Smith and Brandon Smith are Licensed Insolvency Trustees at Ira Smith Trustee & Receiver Inc. We can discuss your fact-specific situation and applicable solutions approved by the Canadian Government. Contact us for a free, confidential consultation.

Starting Over, Starting Now.
167 Applewood Cr., #6, Vaughan, ON L4K 4K7
irasmithinc.com

General information only; specialised legal questions should be directed to the appropriate licensed professional.

10/19/2026

ARE DEBT WORRIES KEEPING YOU AWAKE OR AFFECTING YOUR RELATIONSHIPS?

Financial pressure can affect sleep, relationships and mental wellbeing. Feeling overwhelmed by debt is not a personal failure, and you do not have to manage it alone.

If you feel overwhelmed, consider speaking with a health professional or someone you trust. Financial guidance does not replace mental-health care, but one practical step can help you regain a sense of control: such as listing your debts, balances and payments, or booking a free, confidential consultation.

At Ira Smith Trustee & Receiver Inc., Ira Smith and Brandon Smith are Licensed Insolvency Trustees who can explain government-approved options for addressing financial pressure in a compassionate, non-judgemental way.

STARTING OVER STARTING NOW begins with one manageable step.

Visit irasmithinc.com or meet us at our Vaughan office: 167 Applewood Cr., #6, Vaughan, ON L4K 4K7.

Ira Smith Trustee & Receiver Inc. is a full service insolvency and financial restructuring practice serving companies and individuals throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now.

10/19/2026

Has a sudden layoff or termination changed your household income? If you’re reviewing your debts, keep the paperwork: details matter.

Termination pay, severance, vacation pay and Employment Insurance (EI) may each be treated differently in a formal insolvency review. Their treatment depends on your circumstances.

Gather and keep:
• Your termination letter and final pay statements
• Any severance agreement
• EI correspondence
• Job-search and expense records

Bring complete, accurate records to an early review. Disclose all relevant information, preserve your records, and never hide, move or improperly transfer assets.

Ira Smith and Brandon Smith are Licensed Insolvency Trustees with Ira Smith Trustee & Receiver Inc. They can discuss whether solutions approved by the Canadian Government may be relevant to your situation. Outcomes are fact-specific; no result is guaranteed. For specialised legal questions, consult the appropriate licensed professional.

For a free, confidential consultation, contact Ira Smith or Brandon Smith. Visit irasmithinc.com or the Vaughan office: 167 Applewood Cr., #6, Vaughan, ON L4K 4K7.

Starting Over, Starting Now

10/19/2026

BANKRUPTCY IS NOT ALWAYS A ONE-MEETING, ONE-RESULT PROCESS.

A discharge from bankruptcy can be absolute, conditional, suspended or refused, depending on the facts and the court’s assessment. Conditions may involve payments, reporting, counselling, attendance or other requirements. The result is not automatic, and no particular discharge outcome can be promised.

If you are considering bankruptcy in the GTA, gather income information, creditor statements, tax documents, asset details and records of prior proceedings. Discuss your complete circumstances with a Licensed Insolvency Trustee before making assumptions or signing anything.

Ira Smith and Brandon Smith are Licensed Insolvency Trustees. Starting Over, Starting Now means getting clear on the process and your responsibilities. Book a free confidential consultation at irasmithinc.com or visit Ira Smith Trustee & Receiver Inc., 167 Applewood Cr., #6, Vaughan, ON L4K 4K7.

10/18/2026

After receiving a Certificate of Appointment, a clear first-30-days plan can help protect estate assets and keep administration on track.

Key takeaways:
✅ Record the Certificate’s issue date and calculate the 180-day Estate Information Return deadline.
✅ Preserve phones, computers, tablets, external drives and paper records. Search emails, banking and tax files, and password managers for digital-asset clues.
✅ Identify crypto exchanges, wallets, online brokerages and payment platforms. Secure discovered assets, never move them into personal accounts.
✅ Open a dedicated estate bank account, keep a transaction ledger, and obtain date-of-death valuations with the method documented.
✅ Tell the accountant about digital assets before the final T1. Keep beneficiaries informed without sharing sensitive credentials.
✅ Complex, disputed or technically demanding estates may benefit from professional help with documented asset identification, controlled access, defensible valuations, tax coordination and neutral reporting, helping reduce trustee risk and burden.

Read the complete checklist: https://probateinontario.com/estate-information-return-ontario/

📞 (647) 799-3312
📍 167 Applewood Crescent, Unit 6, Concord, ON L4K 4K7
🌐 https://probateinontario.com/estate-information-return-ontario/