Episode Description
GROWTH PILLAR: Leadership & Ops
WHO THIS IS FOR: SMB owners / Solopreneurs / Startups / Any Canadian business owner carrying CRA arrears
WHAT THEY'LL GAIN: A clear picture of how CRA debt happens, how to negotiate payment plans that actually work, and the one move that protects your business when the government comes knocking.
Most business owners don't plan to owe CRA. It happens quietly ~ a rough month, a missed remittance, a bad debt that pulls cash in the wrong direction. Then the calls start.
Michael Yasny is the founder of Money Consultants and a Toronto-based alternative financing advisor with over 30 years of experience. He works with startups, growing companies, and businesses in financial trouble — arranging everything from purchase order financing and factoring to CRA debt solutions and debt restructuring. When the bank says no, Michael finds another way.
In this episode, Michael walks through:
- Why 80–90% of CRA debt is avoidable — and why the system makes it worse
- The difference between source deductions and HST — and which one you must pay first
- What to say — and what never to say — when CRA calls
- How garnishments work and why they can kill your business overnight
- Why borrowing against your house to pay CRA is often the worst move you can make
- How to negotiate a payment plan that works for your business, not just for the government
- Director liability — why bankrupting your company doesn't make the debt disappear
- The one habit that protects you before any of this starts: incorporate and file on time
Michael also shares the story of a client who lost everything by not listening — and what could have saved him.
Connect with Michael:
- Money Consultants
- YouTube
- Book on Amazon — Am I Out of My Mind?
- Free 30-minute consultation available at moneyconsultants.ca
— PARTNERS ON THIS EPISODE —
Gentry Learning — Real estate education built for people who want to build real wealth, with Fred Crouch.
Profit10™ — Take the free Profit Snapshot and find out what's really holding your business back. Ten questions. Real answers.
Canada Growth Network — A business community with a full CRM and automation suite built in. Real tools. Real people. $47 CAD/month.
Next Steps
- Email: info@kreativinsight.com
- Subscribe to the K4B blog
- Search K4B episodes
- Register as a K4B guest
- Visit Knack 4 Business
Disclaimer: Everything you heard today is for educational purposes only. It's not professional advice. Before you act on anything — talk to a certified expert in your area. Your accountant. Your lawyer. Someone who knows your situation.
We share perspectives. You make the decisions.
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Until next time; keep building.
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