Below is information about CORPORATE OFFICER LIABILITY ONTARIO from a variety of sources. Please take a look at the materials that our team has selected for you.
https://www.legalline.ca/legal-answers/liability-of-directors-officers-and-shareholders/#:~:text=Liability%20of%20directors%2C%20officers%2C%20and%20shareholders%20Region%3A%20Ontario,for%20the%20debts%20and%20obligations%20of%20the%20corporation.
https://www.ontario.ca/page/directors-liability-under-business-corporations-act
Directors of a corporation are jointly and severally liable to the employees of the corporation for all debts not exceeding 6 months’ wages and up to 12 months’ vacation pay (Section 131). Every director must act honestly and in good faith with the best interests of the corporation in mind when exercising powers and discharging duties (Section 134(1)).
https://www.ontario.ca/page/directors-liability-under-corporations-act-not-profit-corporations
Directors of a not-for-profit corporation must comply with the Corporations Act, Letters Patent, bylaws and other instruments governing the affairs of the corporation. Directors of a not-for-profit corporation are jointly and serverally liable to the employees of the corporation for debts not exceeding six months’ wages and up to 12 months’ vacation pay (Section 81(1)).
http://www.ibc.ca/on/business/risk-management/directors-and-officers-liability
In addition to basic duties, a director or officer may be held liable for: Failure to act as stated under a statute. For example, if a statute requires directors to file a report or maintain certain records, and these reports or records are not …
https://www.lerners.ca/lernx/director-officer-liability-8-tips-for-protecting-your-personal-assets/
It is still a basic principle in our corporate law that employees, officers and directors are not personally responsible for the debts of a corporation. All business corporation statutes, however, impose a standard of conduct upon directors and officers and if directors or officers fall below that standard they will be exposed to personal liability.
https://www.hg.org/legal-articles/personal-liability-of-directors-and-shareholders-in-ontario-canada-20961
One of the main reasons is that generally, if a company does business, no employee or officer of the corporation is personally liable for any act done within the scope of their duties on behalf of the corporation. Now there are some exceptions to that general rule that could result in personal liability even if the business is incorporated.
https://www.lerners.ca/lernx/200-laws-in-ontario-that-impose-personal-liability-on-officers-and-directors-of-ontario-business-corporations/
January 8th, 2013. Another significant potential area of personal liability for directors and officers of business corporations in Ontario to consider arises as a result of 200+ laws of all levels of government that have provisions imposing personal liability in prescribed situations. Speaking broadly, these laws fall into several categories, including:
https://www.fasken.com/en/knowledge/doing-business-canada/2021/10/10-directors-officers-liability
Directors’ Duties and Liabilities. This chapter provides a brief summary overview of the statutory and common law duties of directors and officers of corporations incorporated under the federal Canada Business Corporations Act (CBCA). Although the liability of corporate directors and officers varies with the jurisdiction of incorporation, the statutory duties found in …
https://www.dpclaw.ca/downloads/ImportantConsiderationsforCorporateDirectors.pdf
corporate-related tax obligation upon directors personally (e.g., failure to remit collected GST or failure to deduct and remit employee source amounts) CRA will typically obtain a list of current directors and officers from the public records populated by …
https://www.wagnersidlofsky.com/director-officer-liability
Complainants often name directors and officers of corporations in lawsuits. However, it is only legally justified in relatively narrow circumstances the most common of which include oppression and fraud. Directors and officers may also face personal liability for certain debts of a corporation including some types of tax debts and, in some circumstances, unpaid wages.
https://www.airdberlis.com/insights/publications/publication/a-reminder-about-director-and-officer-liability-under-the-ohsa
In Ontario, directors and officers are rarely convicted for workplace safety offences. In fact, such convictions represent less than three per cent of all the workplace safety convictions that have been posted on the Ministry of Labour’s (MOL) Court Bulletin website over the past two years. However, this recent case should act as a reminder that while these …
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