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Is YOUR Investment in Your Business Secured?

When you start your business, you likely apply for a loan; the Bank makes you sign a General Security Agreement, pledging the assets of your business (and likely personal assets) to cover the loan in case something goes wrong.

In other words, the bank is a secured creditor.

The Canada Revenue Agency holds Directors of a Corporation and owners of Sole-Proprietorships accountable for ‘Trust Funds’ – GST/HST and Payroll Taxes. Therefore, CRA is also secured.

Often if you lease equipment or finance equipment through a bank or other third party, they too will likely require a General Security Agreement to protect their interests.

But what about the money you personally invested in your business?

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