{"id":10236,"date":"2021-01-25T17:45:51","date_gmt":"2021-01-25T22:45:51","guid":{"rendered":"http:\/\/www.irasmithinc.com\/blog\/?p=10236"},"modified":"2021-01-25T17:36:30","modified_gmt":"2021-01-25T22:36:30","slug":"small-business-in-canada","status":"publish","type":"post","link":"https:\/\/irasmithinc.com\/blog\/small-business-in-canada\/","title":{"rendered":"SMALL BUSINESS IN CANADA: MUST A STAGGERING 200,000 CANADIAN SMALL BUSINESSES DECLARE BANKRUPTCY DUE TO THE PANDEMIC?"},"content":{"rendered":"

We hope that you and your family are safe, healthy and secure during this coronavirus pandemic.<\/span><\/p>\n

Ira Smith Trustee & Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/span><\/p>\n

If you would prefer to listen to the audio version of the <\/span>small business in Canada<\/i><\/b> Brandon Blog, please scroll to the very bottom of the page and click play on the podcast.<\/span><\/p>\n

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small business in canada<\/em><\/figcaption><\/figure>\n

Small business in Canada<\/em> introduction<\/strong><\/h2>\n

The <\/span>Canadian Federation of Independent Business<\/span><\/i> (CFIB)<\/span><\/a> is the country’s champ of <\/span>small business in Canada<\/i><\/b>. <\/span>CFIB<\/span><\/i> is Canada’s biggest non-profit organization devoted to producing and sustaining an atmosphere where your <\/span>small business in Canada<\/span><\/i> can succeed.<\/span><\/p>\n

CFIB<\/span><\/i> promotes <\/span>small business in Canada<\/span><\/i> issues with political leaders as well as decision-makers. As a non-partisan company, it influences public policy based upon its members’ views.\u00a0 It tries to ensure that <\/span>small business owners<\/span><\/i> have an opportunity to impact the regulations and policies that impact Canadian business.<\/span><\/p>\n

A member survey was performed by <\/span>CFIB<\/span><\/i> and the results were announced on Thursday, January 21, 2021.\u00a0 The results suggest that greater than 200,000 organizations could <\/span>shut permanently<\/span><\/a> because of and during the pandemic.<\/span><\/p>\n

The federation states that it could throw greater than 2.4 million people out of work.\u00a0 The study suggests 1 in 6, or about 181,000 small companies, are currently seriously considering closing down.\u00a0 That’s up from 1 in seven or around 158,000 last summer.<\/span><\/p>\n

The CFIB is contacting provincial and federal governments to try to help small businesses by presenting secure pathways to re-open and end lockdowns that may kill off these businesses.<\/span><\/p>\n

The question I wish to explore with you today is if a <\/span>small business in Canada<\/span><\/i> needs to shut down, does it have to become one of the statistics of Canadian <\/span>business bankruptcies<\/span><\/i>?\u00a0 Must it file for <\/span>corporate bankruptcy<\/span><\/i><\/a>?\u00a0 For this small business in Canada Brandon Blog, I will assume that the <\/span>small business<\/span><\/i> is a corporation.<\/span><\/p>\n

Small business in Canada<\/i>:\u00a0 When is a corporation bankrupt, or insolvent?<\/strong><\/h2>\n

As I have discussed with you in previous blogs, <\/span>a company is insolvent under the BIA if:<\/span><\/p>\n