While only 10% of small business would file for bankruptcy today, over 60% are carrying pandemic debt of about $160,000 according to the CFIB. This is worrisome given new data out of the U.S., where close to 50% of small businesses are at risk of shutting down.
Meanwhile here in Canada, small businesses also face CRA audits of their pandemic supports. For example, did you know:
An important question in these cases: Will families who file bankruptcy still qualify for their Canada Child Benefits? The answer is yes. Specifically, under subsection 122.61(4) of the Income Tax Act the CCB: