Her Majesty The Queen in Right of Canada, as represented by the Minister of National Revenue, a creditor hereby appoints Insert LIT firm, the Licenced Insolvency Practitioner in the above insolvency proceeding as Her proxy, in the event Her General Proxy is absent from the meeting of creditors to be held on the DD day of MMM, 2020, only to do the following: Limited proxy - Adjournment of Creditors Meeting I am enclosing herewith any amended proposal filed further to that meeting of creditors. I confirm that this proxy has been used at the meeting of creditors held on _ of _, 2020 in the estate of _. Her Majesty The Queen in Right of Canada, as represented by the Minister of National Revenue
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Hopefully, this will offer taxpayers the time to focus on other aspects of their financial wellbeing without having to file for bankruptcy.įurther notifications will be provided to stakeholders through the Canadian Association of Insolvency and Restructuring Professionals and through updates to the CRA information page on the OSB website.Īll Division I and II proposals under the Bankruptcy and Insolvency Act
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This will also apply to any amounts subject to section 60(1.1) of the BIA as per our existing Administrative Agreement policy with LITs.įor consumer proposals under the BIA, the CRA offers the acceptance of an amended proposal that calls for a deferral of payments up to September 1, 2020. The CRA is proposing a solution to assist taxpayers and LITs in circumstances where the CRA is a creditor and the debtor is experiencing financial hardship.įor proposals filed under Division 1 of the Bankruptcy and Insolvency Act (BIA), the CRA is offering a waiver of the default pursuant to section 62.1 of the BIA and granting a deferral of payments to the estate up to September 1, 2020. The CRA has heard from Licensed Insolvency Trustees (LITs) and the Office of the Superintendent of Bankruptcy (OSB) about debtors who have suffered a loss of employment or a reduction of income as a result the COVID-19 outbreak and their concerns over defaulting on their proposals. The Canada Revenue Agency (CRA) is taking a people-first approach in realigning its resources to ensure that all Canadians and businesses are supported if they are experiencing financial hardship due to the COVID-19 outbreak.