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CRA Debts and Insolvency for Canadian Accountants 101

A Comprehensive Podcast Tailored to Accountants Covering the Remedies Available to Canadians Facing Insolvency as a Result of CRA Debts

Created bySteven Pitucci
4.9
(17 reviews)
BeginnerUpdated Nov 26, 2025
CRA Debts and Insolvency for Canadian Accountants 101

What You'll Learn

check_circleUnderstand legal meanings of insolvency and BIA remedies.
check_circleIdentify critical warning signs of business insolvency.
check_circleDistinguish between LITs and debt advisors for clients.
check_circleAnalyze tax debt resolutions via bankruptcy and proposals.
check_circleGrasp tax filing rules for bankruptcies and proposals.
check_circleAddress shareholder loan issues in corporate insolvency.

About This Course

Welcome to "CRA Debts and Insolvency for Canadian Accountants 101," a vital course designed to equip Canadian accountants with the knowledge to navigate the complexities of CRA debts and insolvency. In the post-COVID era, more Canadians and businesses are grappling with insolvency, often burdened by significant tax debts including income tax, GST/HST and payroll source deductions.

This course bridges the knowledge gap often faced by accountants, empowering you to better advise clients on managing their financial affairs during challenging times. We speak one-to-one with Ianina Raguimov, a Licensed Insolvency Trustee at Albert Gelman Inc., who shares invaluable expertise from years of dealing with insolvent entities, accountants, and the CRA.

You will learn to:

  • Understand the legal definition of insolvency and its nuances.
  • Identify early warning signs of business insolvency.
  • Differentiate between the roles of a Licensed Insolvency Trustee (LIT) and other debt advisors.
  • Explore formal insolvency remedies under the Bankruptcy and Insolvency Act (BIA), specifically bankruptcy and proposals to creditors.
  • Address unique considerations for individuals with high personal income tax debt (over $200,000).
  • Navigate tax filing requirements during bankruptcy and proposals.
  • Uncover common surprises for insolvent tax debtors, including the impact of CRA's enhanced collection powers under Section 160 of the Income Tax Act and Section 325 of the Excise Tax Act.
  • Understand shareholder loan considerations for corporations facing bankruptcy and strategies to secure claims.
  • Gain insight into the processing times for bankruptcies and proposals involving the CRA.

Through real-life examples and practical insights, this course highlights the critical role accountants play in the insolvency process, ensuring you can provide proactive and informed guidance to your clients. Enhance your advisory skills and become an indispensable resource for clients facing financial distress with the Canada Revenue Agency.

Your Instructor

Steven Pitucci
Steven Pitucci

Accounting and Tax Educator, CPA, CA

menu_book16 courses
star3,714 reviews

As a Chartered Professional Accountant, I am currently navigating the complex world of forensic accounting & advisory in a Canadian insolvency firm. I am a former partner of public accounting firm serving Canadian individuals and privately-held businesses. I am also educating other accountants with all things accounting and tax. I have a passion for taking complex issues and teaching them to others in a manner that is understandable.

Credit Information

Is this course eligible for my CPD requirements as a Canadian CPA?

Provincial regulators of CPAs in Canada do not require that independent providers of CPD be approved to offer courses. Instead, individual CPAs are responsible for assessing whether a CPD activity meets their requirements, and may take activities from any source provided those requirements are met.

Every course offered on LearnFormula is delivered by a qualified subject matter expert or learning organization, and advances learning objectives that are relevant to the responsibilities or professional competencies of Canadian CPAs. All activities on LearnFormula are quantifiable in terms of hours, and are also verifiable, in that users receive documented evidence of their attendance via a certificate of completion after finishing a course (and this certificate is stored by LearnFormula indefinitely). Nearly 100,000 Canadian CPAs successfully satisfy their CPD requirements via LearnFormula on an annual basis.

What Students Are Saying

4.9
Student's Choice
17 reviews

Frequently Asked Questions

We are a registered provider with 327+ associations and regulatory bodies worldwide. We operate across 29 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.