Timing and conditions for a discharge from bankruptcy

The Bankruptcy and Insolvency Act (BIA) provides for several different situations for which a bankrupt can be discharged from his or her bankruptcy, the basic principle being that after a certain period of time, the bankrupt earns the right to be discharged from his legal obligations to pay his debts and resume normal life.  There are exceptions and variables to this principle.

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Automatic Exchange of Tax Information Canada-Switzerland

In order to address the issue of offshore tax evasion, the Canadian federal government signed an automatic exchange of tax information agreement (AEOI) with the Swiss government.   This agreement will see the two countries automatically share bank account/financial account information with each other.  The target bank accounts are those held by residents of the other country.  The purpose is to help the Canadian government detect and address cases of tax evasion and to ensure compliance with Canadian tax laws.
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