I would like to ask the following:
- what is the recommended amount a family (3) should have aside for emergency funds?
- what investment vehicle is best recommended to hold these funds in? TFSA? Redeemable GIC? Other??
- if you own a house should you have multiple emergency fund accounts for (ie) emerg house repairs/ family emergencies/ or just one accounting for all possible emergencies?!
Thx- i appreciate all advice.

wow... debtmanagers.ca... you're way off topic and you're talking about how people can help you...

how can you help other people on this discussion forum regarding emergency funds etc... do you know about emergency funds?

We aim at helping people to end debt stress .Our trained debt consultant understand your stress and they have the tools to help you today.......also please like the page if you really like

http://www.debtmanagers.ca/index.php

You've given me so much to think about. But the main thing ..FINALLY I get the correct answer and better understanding. I could NOT understand why this was happening, considering I did hire an attorney first thing I did and it took from Feb to April toget all this sorted paperwork wise and the two law firms to sort everything out. Ok I guess make a bigger mess of things now it appears. Now I have to figure whats next! any suggestions??? because right now my head is going a mile a minute in shock! but I'm a determind woman I didn't get this far and back on my feet by sitting with my head up my rear end. Just some insight here I was made homeless over all this I even lost a home too and all it's content and my life savings. So please understand the shock and horror when this all came about. But you've given me hope and I DO so appriciate all you've done this evening for me. You are a saint.

Ok......now I'm getting this..thanks,..

I DID INDEED hire and attorney. I paid GOOD money for that attorney to have my name removed from everything. I'm starting to suspect maybe he didn't do his job? correctly..or someone didn't as there was the Attorney who handled all the business papers on the other end also.

Here's the situation based on the information that you have provided.

When you started this business, with the other two individuals, all three of you were listed as directors of this company. When you were forced to sell your shares, you should have immediately hired the services of another lawyer to represent your interests. You apparently did not do this. Consequently, you did not resign as a director. The business continued as usual but failed to remit to the CRA ( Canada Revenue Agency ) employee withholdings for Income Tax, CPP and EI. In all probability, the business was experiencing cash flow problems, so paying the CRA was ignored. However, under Subsection 227.1(1) of the Income Tax Act ( Canada ), every director of a corporation is responsible for paying these witholdings if the corporation fails to do so. Under Subsection 227.1(4), CRA can only go after you for a maximum period of 2 years.

Had this situation been handled properly, you would have engaged the services of another lawyer, he would have drafted your resignation as a director and signed by you, filed a copy of this resignation with the registered head office of the company together with filing a copy of this resignation with the B.C. Corporate Registry in Victoria B.C.

When the business went broke, CRA conducted a search of the B.C. Provincial Corporate Registry Office and found that you were still listed as a director of this corporation. That's all the CRA needed to assess you for these unremitted employee witholdings.

This is a classic lesson of what can happen when you don't seek legal help in dealing with business matters. The fee charged by a lawyer to counsel you and perform these filings would be "peanuts" compared to what you have experienced and can expect in the future. Also, don't expect an income tax refund or GST quarterly payment any time soon. Until these taxes are fully paid, your salary or wages will continue to be garnisheed.

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Educating one Consumer at a time

Sorry not use to relaying this way.

From the info I have from the Tax dept.

The owed tax's are for.

Fed Tax
Provincial Tax
CPP
EI

This was a forced buy out I had no choice in the Matter. My involvement was from Oct to Dec. I had NO control after Dec. I could NOT have any dealings with the business. I was the victim of a HUGE Con. Even the Attorney that handled all the paper work when the business was purchased refused to talk to me and was the Attorney who was forcing me to take the buy out.

There was myself my former partner and a silent partner all had equal shares. I'm not sure now who had what position as you asked. It's been 5 yrs now. It's taken me that long to get back on my feet. I'm not prepared to discuss in an open forum all the nitty gritty details how all of this came to this.

I'm so appriciating all your help and I'm sorry if I'm appearing vague why I'm here to try and figure all this out.

Thanks.. :)

All Franchises are required to operate as a Corporation. If you sold your shares, then you owned part of a corporation.

Were you an incorporator of this company? If not, who was? How many shares were originally issued? How many shares did you own? Who were the officers and directors of this company? What positions did they occupy e.g. President, Vice-President, General Manager, Secretary, Treasurer, etc.

You have presented a "jig saw puzzle" with many pieces missing. I can't complete the picture until all the pieces are in place.

Please supply as much detail as you can remember. I still did not get an answer to my question re: what taxes are you talking about?

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Educating one Consumer at a time

No I wasn't corporate director. This was a res/pub Franchise. It was a force buy out. I was forced to take the buy out pennies of the dollar.

I've never had clarification from the Tax people I tried last yr with the help of an accountant to get more detailed information. And YET again they didn't follow through. From little I know I believe it's ALL tax's that wasn't paid after I was forced out. I spoke with the accountant who did our books she swore that the tax's were uptod date up to me leaving. I have asked for these records but she's just ignored. Her argument is THEY owe her over 5,000. (the two remaing partners) Which is not my problem.

This is a mess and I'm just going around in circles.

On the date that you sold your shares, were you also a corporate director?
If yes, did you formally resign as a director? If yes, was this resignation written and signed by you and delivered to the registered head office of the company and included in the corporate minute book?

Also, which taxes are you referring to?

1. Income taxes

2. Unremitted sales taxes

3. Unremitted employee withholdings ( Income Tax, CPP, EI )

If you can answer these questions, I can explain exactly what happened

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Educating one Consumer at a time